Sezal Glass sells float glass biz to Saint Gobain for Rs686 crore

“With the sale proceeds, the company will be 100% debt-free, with reserves to fund growth and expansion,” Sezal Glass Ltd CMD Amrrut Gada said

Sezal Glass said it has sold its float glass business along with its Gujarat-based manufacturing unit to Saint-Gobain Glass India for a consideration of Rs686 crore.

“With the sale proceeds, the company will be 100% debt-free, with reserves to fund growth and expansion,” Sezal Glass Ltd CMD Amrrut S Gada said in a statement.

The sale of the float glass business was approved by the company’s shareholders by postal ballot and the binding business transfer agreement was executed on 31 May 2011, the company said.

The company’s floating glass facility at Jhagadia Industrial Estate in Gujarat has the capacity to produce 550 million tonnes of glass per day.

“As part of the overall transaction, Sezal Glass and its principal promoters have undertaken non-compete obligations with respect to the float glass business with Saint Gobain for a period of five years...,” Gada said.

On Thursday, Sezal Glass ended 3.35% down at Rs4.33 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.05% to 18,384.90.

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IndusInd Bank launches Point of Sale acquiring services

Atos Worldline India to establish merchant establishment network for IndusInd Bank

IndusInd Bank has signed an agreement with Atos Worldline India (Venture Infotek) for Point of Sales (PoS) acquiring solutions. Under this agreement, Atos Worldline India will be setting up MasterCard and Visa PoS acquiring network for IndusInd Bank across India. Atos Worldline India will also help IndusInd Bank to establish a merchant establishment network.

With this agreement, Atos Worldline India will help merchants to open accounts with IndusInd Bank. IndusInd Bank will promote PoS acquiring business amongst its existing customer base and newly acquired customers whereas Atos Worldline India will provide the necessary support to the merchants to encourage and improve usage of PoS terminals deployed at merchant establishments of IndusInd Bank.

On Thursday, IndusInd Bank ended 4.24% up at Rs23.35 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.05% to 18,384.90.

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KSIIDC and GAIL sign joint venture agreement

GAIL will hold 26% equity in the company, while KSIIDC will have 24%. The balance 50% equity will be held by financial institutions, investors and strategic partners

Karnataka State Industrial & Infrastructure Development Corporation Ltd (KSIIDC) and GAIL (India) Ltd have signed a joint venture agreement to pursue various natural gas related business activities in Karnataka.

The joint venture agreement will lead to the formation of a joint venture company which will have an authorised share capital of Rs100 crore. GAIL will hold 26% equity in the company, while KSIIDC will have 24%. The balance 50% equity will be held by financial institutions, investors and strategic partners.

The joint venture company will focus on setting up of natural gas infrastructure in industrial estates/areas/clusters, city gas distribution (CGD) networks, distributed power generation projects in industrial areas and gas distribution infrastructure downstream of trunk lines in Karnataka. CGD networks cater to the requirement of piped gas for homes, CNG for vehicles and fuel for commercial/industrial loads in any city in Karnataka

GAIL is implementing the 1,413 km Dabhol (Maharashtra)-Bengaluru (Karnataka) pipeline at an investment of Rs5,000 crore with a design capacity of 16mmscmd. GAIL is also implementing the 1,114 km Kochi–Koottanad–Mangalore–Bengaluru pipeline, at an investment of Rs3,300 crore with a design capacity of 16mmscmd. Both these pipelines are scheduled to be completed by FY12-13.

On Thursday, GAIL ended 0.43% up at Rs445.05 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.05% to 18,384.90.

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