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Piramal Glass and HNGI deny stake sale deal

Piramal Glass said on 31 May denied talks to sell stake in the company to Hindusthan National Glass & Industries Ltd., saying that a newspaper report regarding these talks was “baseless“. The report…

Piramal Glass said on 31 May denied talks to sell stake in the company to Hindusthan National Glass & Industries Ltd., saying that a newspaper report regarding these talks was “baseless“. The report said that the Ajay Piramal group was in discussion to sell its glass business to Hindusthan National Glass & Industries Ltd (HNGI), India“s largest glass container maker. HNGI said in a statement to the stock exchange that: “No document whatsoever has been signed with Ajay Piramal group or the company,” adding that: “The company has made acquisitions in the past in this line of business and is always open to further consolidations.” Shares of Piramal Glass jumped more than 7% in early trade on 31 May while shares of Hindusthan National Glass rose more than 5% on the news. However, after both companies denied the stake sale report, the share prices eased out.

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