Saint Gobain Glass eyes Rs. 686cr buy

Mumbai : In its bid to have a greater business access across western region, Saint-Gobain Glass India has set its eye to buy Sezal's floating glass business entailing an investment of Rs. 686cr. Sezal Glass Limited, which has a unit at Jhagadia in the Bharuch district of Gujarat with a manufacturing capacity of 550 tons per day, has also corroborated reports that it has executed a binding business transfer agreement with the Saint Gobain Glass's Indian subsidiary to sell its floating glass business.

Official sources claimed that Saint Gobain India subsidiary has a 1,500 tons per day float glass plant near Chennai and is also investing Rs. 1,000cr in a plant with an annual capacity of three lakh tons per day in Rajasthan. The latest buyout with an access to raw materials in the vicinity is expected to give the Indian subsidiary of the France multinational greater access to the western region, which has been touted as the largest market in the country. The Saint Gobain has already started work on its Rajasthan unit which is slated to start production in beginning of 2012. In this connection it had inked an agreement with the Rajasthan government in 2008.