Sezal Glass sells float glass unit to Saint-Gobain India
31 May 2011
Mumbai-based Sezal Glass has sold its float glass business to Saint-Gobain Glass India for Rs686 crore, the company announced today.
The sale was done on slump-sale basis, the company said in a notice to stock exchanges. The term refers to a company selling its assets and liabilities for a single lump sum without assigning separate values to each.
Sezal's 150-acre float glass plant in in Jhagadia Industrial Estate, Gujarat, has a capacity to produce 550 tonne of glass per day. Its other plant is located in Silvassa, which is a glass processing unit.
The Saint-Gobain deal has been approved by shareholders, Sezal said.
Sezal, formerly called Sejal Architectural Glass Ltd, is a glass processing company. Its own products include Kool Glass, Tone Glass, Solid Glass, Armour Glass, Firebran Glass, Oyster Glass Basins, and Fresca. Its retail brands cover lighting, sanitary ware and tiles.
The company has so far sold its float glass under the 'Sezal Glass' brand, and processed glasses under nine different brands. It also has several showrooms in Mumbai, called 'Sezal Encasa', offering branded home and office interior products.