HNG Float becomes Hind Glass subsidiary

Newly set up Gujarat-based float glassmaker HNG Float Glass Ltd., a majority owned part of the C K Somany group, is to be converted into a subsidiary of Hindustan National Glass and Industries.
Hindu…

Newly set up Gujarat-based float glassmaker HNG Float Glass Ltd., a majority owned part of the C K Somany group, is to be converted into a subsidiary of Hindustan National Glass and Industries. Hindustan National Glass“ stake in HNG Float Glass has increased from 43.75% in March 2010 to about 47.41% at present. The plant, which makes toughened and insulated glasses for the auto and construction industry, was commissioned in February 2010 with an investment of INR 550 crore, and is, according to a company report, expected to generate small profit in fiscal 2011. The decision to convert the company into a subsidiary derives from the comeback in the auto and construction industries.