“Hindusthan National Glass & Industries Ltd said it has entered into a share purchase agreement for divesting its entire 11.23% holding in HNG Float Glass Limited, which was a joint venture company between Hindusthan National Glass and Turkey-based float glass manufacturer Trakya Cam Sanayii A.S. for a consideration of Rs 129.76 crore”, according to Mint.
According to the release, Trakya bought a total of 50% equity stake in HNG Float Glass Limited from Hindusthan National Glass’ 13 other shareholders in the transaction, valued at Rs 600 crores.
Cyril Amarchand Mangaldas advised Turkish company Trakya Cam Sanayii AS led by a team of partners Smruti Shah, SR Patnaik, Mekhla Anand and Anshuman Sakle.