Turkish glassmaker Trakya Cam Sanayii has bought a 45% stake in India's Hindustan National Glass Float Glass Ltd (HNGFL) through a joint venture agreement. According to the JV, Hindustan National Glass & Industries, the share-holding company in HNGFL and its promoter, the Somany family, will now dilute their stake in HNGFL. HNGIL and the Somany family currently hold a 47.4% and 40.2% stake in HNGFL respectively, and the remaining 12% is held by IFC Washington. Trakya Cam Sanyii will become an equal shareholder in HNGFL for an undisclosed amount. HNGIL is an Indian glass maker with a total production capacity of 4300/tpd. Trakya Cam Sanayii was founded by Sisecam in 1978 and is involved in the domestic flat glass market. HNGFL is engaged in the business of float glass manufacture and related value added products. The company's plant is located in Halol, Gujarat with a furnace capacity of 600/tpd.
