HNG Float to become Hind Glass subsidiary

The C K Somany group is converting its majority owned HNG Float Glass Ltd into a subsidiary of Hindustan National Glass and Industries.

Hindustan National Glass’ stake in the newly set up Gujarat-based float glass maker, HNG Float Glass, has gone up from 43.75% in March 2010 to about 47.41% now and is “proposed to be made a subsidiary”, a recent report by the company has said.

The plant making toughened and insulated glasses for automobile and construction industry commissioned in February 2010 at an investment of Rs 550 crore at Halol in Gujarat would become profitable in the first full year of its operations and is expected to generate “small profit in fiscal 2011”, the report said.

The decision to convert the associate company of Hindustan National Glass into a subsidiary stems from revival in the automobile and construction industries.

The domestic float glass industry is growing by 18% since the last three years.