India“s Larsen & Toubro Ltd., which is in the process of selling off its glass container plant, has reportedly signed a memorandum of understanding with glass manufacturer Shree Glass.
“We expect to…
India“s Larsen & Toubro Ltd., which is in the process of selling off its glass container plant, has reportedly signed a memorandum of understanding with glass manufacturer Shree Glass. “We expect to complete the deal on the glass unit by early next month,” an L&T official was quoted as saying. L&T“s glass plant is based in the western state of Maharashtra. In January 2004, Haryana Sheet Glass and Hindustan National Glass were reported to be interested in purchasing L&T“s container business. The sell-off is part of L&T“s withdrawal from non-core businesses. Currently, the company is in the process of demerging its cement business and in 2003 it shut down its packaging operations, said the report.