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Saint-Gobain Glass India Ltd has acquired Sezal Glass Ltd's float glass business for Rs.686 Cr ($152.4 Mn).
The floating glass facility in Jhagadia Industrial Estate in Bharuch, Gujarat has the capacity to produce 550 million tons of glass a day.
The deal will expand Saint Gobain's glass business in India.
Sezal Glass' 550 TPD float glass plant became operational in FY10 and started to export float glass within the first quarter of operation.
Transaction Reference: Press Release
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Transaction Note
Mumbai-based Sezal Glass (formerly known as Sejal Architectural Glass Ltd) is a manufacturer of float glass and a glass processing company.
Its own brands include Kool Glass, Tone Glass, Solid Glass, Armour Glass, Firebran Glass, Oyster Glass Basins and Fresca. Its retail brands include lights, sanitary wares and tiles.
The company sells its float glass under the 'Sezal Glass' brand and processed glasses under nine different brands. It also has retail showrooms under 'Sezal Encasa' brand at different locations in Mumbai, offering branded home and office interior products.
It's other plant is located in Silvassa, which is a glass processing unit.
Company has recently signed MOU with Gujarat Government for setting up its second float glass manufacturing facility at Bharuch at an investment of Rs.750 Cr. It is unclear for the current deal, whether this will also be transferred to Sain-Gobain.
Earlier this year, company raised Rs. 18 Cr from Brand Equity Treaties by issuing 20 Mn shares for Rs.9 per share on preferential basis.
Last year, Sezal Glass entered in a JV with UK-based CGI International (CGII), a manufacturer and supplier of specialist glasses, for supplying fire rated glass in India.
Recently, Saint-Gobain Glass India Ltd and French parent firm Saint-Gobain Sekurit SA France, announced to delist the listed entity, Saint-Gobain Sekurit India Ltd, from BSE.
The promoters have agreed to buy-back publicly held shares of the company, constituting 14.23% of the total outstanding equity capital at Rs.31 per share, under the SEBI rules to effect delisting.With the delisting announcement, company's share price has increased from Rs.21 to a high of Rs.42 in a month. Yesterday, company's stock closed at Rs.38.55 on BSE.
Saint-Gobain Sekurit is only in automotive glass, while Saint-Gobain Glass manufactures float glass.
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