7 January 1999: Vetrotex Industries India, a part of France“s Saint-Gobain has acquired the fibreglass reinforcements business of FGP Ltd., a Saint-Gobain statement said recently. The acquisition bec…
7 January 1999: Vetrotex Industries India, a part of France“s Saint-Gobain has acquired the fibreglass reinforcements business of FGP Ltd., a Saint-Gobain statement said recently. The acquisition became effective on 16 December, it said. Vetrotex India is a wholly-owned subsidiary of France“s Vetrotex Finance and is part of the reinforcements division of Saint-Gobain. The acquisition includes the factory at Thimmapur near the southern Indian city of Hyderabad, but excludes the Thane plant near Bombay in Maharashtra, the statement said. Vetrotex India intends to infuse the much needed capital and technology to improve product quality and process effeciencies to international standards, it said. The statement also said Saint-Gobain“s two subsidiaries Saint-Gobain Schleifmittel Beteiligungen GmbH and Grindwell Norton Ltd. acquired 64% and 10% respectively of Winter Misra Diamond Tools Ltd. from the Indian promoters.