Hindusthan National Glass (HNG) and Industries on Thursday said it has sold a wholly-owned subsidiary HNG Global GmbH for €23 million (about Rs.175 crore) to an undisclosed buyer in Europe.
The transaction is expected to be completed by 15 July, the company said in a BSE filing. “Consideration to be received from such a sale is €23 million euro,” it said. Last September, the company had announced that it had entered into an agreement for divestment of its investment in HNG Global GmbH. In 2015-16, HNG Global GmbH had posted a turnover of Rs.276 crore and contributed 12% of the total consolidated revenue of the company. On the identity of the buyer, the company said it is “a large glass container manufacturing group in Europe (but) the buyer wants to keep the name confidential”.