HSIL Ltd recently sold off its entire shareholdings over AGI Glasspack Ltd. The sanitarly ware and glass manufacturing firm previously held the entire stake in the wholly owned subsidiary AGI.
The terms were not disclosed. According to a stock market disclosure, the glass division is considered a strategic business unit of HSIL. AGI is the second largest producer of container glass in India, having a market share of 22% in HSIL's FY2012 report. It also claims to maintain 74% market share in South India while operating at near full capacity.
HSIL is a sanitary ware manufacturing firm that provides items such as faucets, sanitary ware, wellness products and kitchen appliances. It exports its products to Pacific Islands, South America, the United Kingdom and other countries. Aside from AGI Glassware, the company also operates the subsidiary Garden Polymers which produces PET bottles.
Last January, Henderson Equity Partners sold off its shares in HSIL with a twice over profit return, The 8.8% shareholdings were worth Rs 67.82 crore.
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