Hindusthan National Glass to acquire Germany's Agenda Glas for Rs 320 crore

NEW DELHI: Hindusthan National Glass Industries Ltd (HNG) today said it will acquire Germany-based Agenda Glas, AG, entailing an investment of 50 million euro (nearly Rs 320 crore) over the next one year.

The acquisition will act as a stepping stone to the company's global growth plans and will drive HNG's vision of becoming one of the top 15 global glass packaging companies, HNG said in a statement.

"Through this acquisition, we plan to set our foot into the container glass manufacturing segment in the international market and we will also be following a high growth path in the next three years," HNG Vice-Chairman and Managing Director Mukul Somany said.

"Domestically, we have been looking at aggressive organic growth through greenfield and brownfield expansions with an investment of Rs 2,500 crore," he added.

HNG Global GmbH, a subsidiary of the company, is acquiring assets of Agenda Glas through an international bidding process, the company said.

The acquisition shall be funded by a combination of the debt and equity, it added.

Agenda Glas caters to the alco-bev segment and has a production capacity of 320 tonnes per day (tpd). It went into bankruptcy proceedings in February, 2011, it added.

HNG currently has plants at Bahadurgarh in Haryana, Nashik in Maharashtra and Neemrana in Rajasthan. It is also setting up a new one at Naidupeta in Andhra Pradesh.

It offers bottles ranging from 5 ml to 3,200 ml and cater to various industries including liquor, beer, beverages, pharmaceuticals, foods and cosmetics.