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Hindusthan Glass Buys German glass maker for Rs 321 crore

Hindusthan Glass Buys German glass maker for Rs 321 crore
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First Published: Thu, May 12 2011. 04 01 PM IST
Updated: Thu, May 12 2011. 04 01 PM IST
Mumbai: Hindusthan National Glass and Industries Ltd, a glass container manufacturer, will buy German glass maker Agenda Glas AG for €50 million (Rs 321 crore) to expand its business overseas.
The acquisition will be funded through a mix of debt and equity, Kolkata-based Hindusthan National said on Thursday. The Indian company will buy Agenda Glas through its overseas unit HNG Global GmbH.
The acquisition has been made after the Indian glass container maker bid for the assets of Agenda Glas, which had filed for bankruptcy in February 2011.
“Through this acquisition, we plan to set our foot into the container glass manufacturing segment in the international market and we will also be following a high growth path in the next three years,” said Mukul Somany, vice chairman and managing director. “In India, we have been looking at aggressive organic growth through greenfield and brownfield expansions with an investment of Rs 2500 crore.”
Exports to more than 23 nations account for a significant amount of Hindusthan National’s annual revenue of Rs 1,500 crore.
“HNG Global GmbH will enhance Hindusthan National’s technical capabilities in terms of advanced technology and production processes, enabling the company to penetrate into European market, one of the largest markets with food and alco-bev (alchohol and beverages) industries as major demand drivers,” the company said.
Shares Hindusthan National gained 2.9% to Rs 217 at 2.49 p.m. on the Bombay Stock Exchange on Thursday after the company announced the acquisition.
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First Published: Thu, May 12 2011. 04 01 PM IST