Japan“s Asahi Glass Co. Ltd. said it sold its 39.76% stake in Indian joint venture Indo-Asahi Glass Co. Ltd. to Haryana group for Rs 12.8 million, or 31 million yen.
Calcutta-based Indo-Asahi Glass,…
Japan“s Asahi Glass Co. Ltd. said it sold its 39.76% stake in Indian joint venture Indo-Asahi Glass Co. Ltd. to Haryana group for Rs 12.8 million, or 31 million yen. Calcutta-based Indo-Asahi Glass, capitalized at Rs 64.4 million or 174 million yen and 60.24% owned by local investors, produces flat glass and recorded annual sales of Rs 644 million, or about 1.74 billion yen, in the year to March 1999. Asahi Glass will concentrate its India business at another flat glass manufacturing unit, Floatglass India Co. Ltd. in Mumbai, a company spokesman said.