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.
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