Sezal Glass, a glass-processing company, sold its float-glass business to Saint-Gobain Glass India for INR 6.86 billion (USD 152.4 million).
The deal was a slump sale, a term that refers to a compan…
Sezal Glass, a glass-processing company, sold its float-glass business to Saint-Gobain Glass India for INR 6.86 billion (USD 152.4 million). The deal was a slump sale, a term that refers to a company selling its assets and liabilities for a single lump sum without assigning separate values to each. Sezal Glass, in a notification to the National Stock Exchange, said the sale was approved by the company“s shareholders. The floating glass facility in Jhagadia Industrial Estate in the western state of Gujarat has the capacity to produce 550 million tonnes of glass a day.