Sezal Glass sells float glass business unit to Saint Gobain

Sezal Glass, one of the leading players in the architectural glass processing business in India, has decided to sell off its float glass business to Saint‑Gobain Glass India for Rs. 686 crore. The company sold off its business after its shareholders, who they sought permission; approved to sell, lease dispose and transfer of the architectural glass processing business with requisite majority. The reason for this sell off was to bring down its debt burden. The units sold were architectural glass processing business undertaking at Silvassa and the float glass manufacturing business at Jhagadia in Gujarat.
 
Sezal Glass commented, “The Company executed a binding business transfer agreement with Saint-Gobain Glass India Ltd. for the sale of its float glass business undertaking as a going concern on slump sale basis. The gross consideration for this transaction is Rs. 686 crore on the terms and conditions as set out in the business transfer agreement. The sale of the undertaking by the company to Saint-Gobain Glass India Ltd has been approved by the shareholders of the company by postal ballot.”

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