Kolkata-based Hindusthan National Glass & Industries Ltd has decided to sell its German subsidiary HNG Global GmbH, it said in a stock market disclosure.
It didn’t disclose any financial details.
The company has received its board’s approval for the proposal and will seek shareholders’ clearance at an extraordinary general meeting on October 24.
HNG Global, founded in 2008 as Agenda Glas AG, makes container glass mainly for the German market. It caters to the beverage 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.