Sezal Glass today said it has sold its float glass business along with its Gujarat-based manufacturing unit to Saint-Gobain Glass India for a consideration of Rs 686 crore.
"With the sale proceeds, the company will be 100% debt-free, with reserves to fund growth and expansion," Sezal Glass
The sale of the float glass business was approved by the company's shareholders by postal ballot and the binding business transfer agreement was executed on May 31, 2011, the company said.
The company's floating glass facility at Jhagadia Industrial Estate in Gujarat has the capacity to produce 550 million tonne of glass per day.
"As part of the overall transaction, Sezal Glass and its principal promoters have undertaken non-compete obligations with respect to the float glass business with Saint Gobain for a period of five years," Gada said.
Shares of Sezal Glass were being quoted at Rs 4.30 apiece in afternoon trade on the BSE today, down 4.02% from their previous close
The company's floating glass facility at Jhagadia Industrial Estate in Gujarat has the capacity to produce 550 million tonne of glass per day.
"As part of the overall transaction, Sezal Glass and its principal promoters have undertaken non-compete obligations with respect to the float glass business with Saint Gobain for a period of five years," Gada said.
Shares of Sezal Glass were being quoted at Rs 4.30 apiece in afternoon trade on the BSE today, down 4.02% from their previous close
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