Şişecam Group Completes Buy-Out of HNG Float Glass

Glass Magazine
June 29, 2018
COMMERCIAL, RETAIL, FABRICATION : FLOAT GLASS NEWS

Trakya Cam Sanayii A.Ş., a Şişecam Group company, bought a further 49.8 percent stake in HNG Float Glass Ltd., its flat glass manufacturer affiliate in India, for $85.4 million. Şişecam Group, which has been in a fifty-fifty partnership since 2013, now owns 99.8 percent of the company shares with this recent buy-out.

“India is one of the world’s most promising markets in terms of growth potential; it has considerable potential in terms of glass demand that is rising together with increasing welfare," says Ahmet Kirman. vice president and CEO, Şişecam Group. "Having acquired the controlling stake and becoming the main shareholder of the HNGFL will enhance the Şişecam Group’s value creation potential. This transaction will significantly increase our flexibility to pursue strategic initiatives and to benefit from the strong prospects offered by the Indian market.”