HSIL Ltd, a sanitary ware and glass manufacturing company, has sold its entire stake in wholly-owned arm AGI Glasspack Ltd to an unnamed buyer, as per a stock market disclosure. The terms of the deal was not disclosed. The public listed company's glass division is housed under a strategic business unit AGI Glasspac, as per its website. The company claims this is the second largest producer of container glass in India, commanding a market share of 22% as high as of FY12. According to HSIL's annual report, AGI Glasspac is also the biggest player in Southern India with 74% market share, operating at near-100% levels. It manufactures glass containers such as chemical bottles, beer bottles, jars, personal care product bottles etc. The container glass unit saw revenues rising 31.21% to Rs 788.2 crore with EBIT improving almost 32% to Rs 108.62 crore during the year ended March 31, 2012. Container glass unit comprised over half of the parent company's revenues. However, only a part of container glass business was under the subsidiary, AGI Glasspack Ltd. The firm also has a separate subsidiary, Garden Polymers, which manufactures PET bottles.
