Hindusthan National Glass selling German arm to European firm
Sequoia Capital-backed Hindusthan National Glass & Industries Ltd is selling off its German subsidiary HNG Global GmbH to a Europe-based glass container manufacturing firm, the company said on Thursday.
The Kolkata-based company, in a stock exchange disclosure, said the deal is valued at Rs 176 crore (€23 million or $26 million).
The Somany group firm also said the deal is going to be finalised by the second week of July. However, it didn’t disclose the name of the buyer or further transaction details.
The listed firm claimed that its German subsidiary posted revenues Rs 276 crore during FY2015-16 and contributed 12% to consolidated revenues.
HNG Global, founded in 2008 as Agenda Glas AG, makes container glass mainly for the German market. It caters to the beverages and food industry and its facility is located in Gardelegen, Saxony-Anhalt.
According to the balance sheet of Hindusthan National Glass, HNG Global has net assets worth Rs 42.54 crore.
Founded in 1946 by CK Somany, Hindusthan National Glass makes glass containers for the pharmaceuticals, beverages, processed foods, cosmetics and liquor sectors. It counts Sequoia Capital as a shareholder.
Like this report? Sign up for our daily newsletter to get our top reports.
The information in this article is submitted and completely owned by KPMG. In our view the long term India gr
Hindusthan National Glass and Industries Ltd. is engaged in manufacturing glass containers. It offers glass container for pharmaceutical, liquor, beer, beverages, cosmetics and processed food industry. The company was founded in 1946 and is based in Kolkata, West Bengal. Hindusthan National Glass and Industries Ltd. operates as a subsidiary of HNG Group.
HNG Global GmbH (formerly Agenda Glass AG) is engaged in manufacturing container glass. The firm caters to beverage and food industry. The firm produces in small and middle-seized batches. The company was founded in 2008 and is based in Gardelegen, Germany. HNG Global GmbH operates as a subsidiary of Hindusthan National Glass and Industries Ltd.
Sequoia Capital India Advisors Pvt. Ltd. is a venture capital firm with around $1.93 billion assets under management. It provides seed, late and growth-stage capital to companies operating in India. The firm seeks to invest in technology, healthcare, foods and beverages, outsourced services, pharma, consumer, finance, education, manufacturing, hospitality, media and entertainment, energy, retail, infrastructure and telecom sectors. It invests between $0.1 million and $1 million in seed stage, $1 million and $10 million in early stage and $10 million and $100 million in growth stage companies. The company was incorporated in 2000 and is based in Bengaluru, Karnataka. with an additional office in Mumbai.
- Exclusive: Logistics marketplace Porter secures Series B investment
- Sequoia, others back AI startup Mad Street Den
- Sequoia leads $20 mn funding round in fashion marketplace Voonik
- Sequoia, Unitus Seed Fund invest $4 mn in ed-tech startup Cuemath
- Swiss investment firm HBM Healthcare backs drug marketplace 1mg