Hindustan Sanitaryware & Industries (HSIL), India“s largest sanitaryware producer, has put the proposal to spin off its glass division into a separate company on the backburner. “For the time being, …
Hindustan Sanitaryware & Industries (HSIL), India“s largest sanitaryware producer, has put the proposal to spin off its glass division into a separate company on the backburner. “For the time being, we have decided against the demerger,” HSIL joint managing director Sandip Somany said. HSIL, which was rated among the best 200 companies worldwide in 1999-2000 by Forbes, has two business divisions: sanitaryware and glass. While the glass division accounts for almost 45 per cent of the turnover, its contribution to the bottomline is negative. Last year, HSIL had looked to get a foreign partner into the glass business. But, the over-supply in the glass market has put off most prospective foreign partners.