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Container and float glass-maker Hindusthan National Glass & Industries Ltd said on Friday that it was entering into a joint venture agreement with Trakya Cam Sanayi AS of Turkey for its wholly owned subsidiary HNG Float Glass Ltd.
HNG Float Glass was promoted jointly by HNGIL and the Somany family (promoters of HNGIL) in 2006. Kolkata-based HNGIL is the largest manufacturer of glass containers in India and has production capacity of 4,300 tonnes a day through 13 furnaces and 58 production lines across seven plants in India.
Trakya will hold a 45 per cent stake in HNG Float Glass while HNGIL and the Somany family together will hold another 45 per cent. IFC, Washington shall hold the balance stake (of about 10 per cent) of the increased paid-up capital.
Following the joint venture agreement, HNGIL’s holding in HNG Float Glass will come down to 15 per cent from the previous 47.4 per cent and the Somany family's holding will be down to around 30 per cent from 40.2 per cent. IFC’s stake too has come down from 12.4 per cent to about 10 per cent.
HNG stock closed at Rs 203 up by 0.12 per cent at the BSE on Friday.
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