The HNG Float Glass Limited production facility.

Şişecam Group member company Trakya Cam Sanayii A.Ş. has acquired a further 49.8-percent stake in its flat glass manufacturer affiliate, HNG Float Glass Limited (HNGFL) for $85.4 million. Şişecam Group, which has been in a fifty-fifty partnership since 2013, now owns 99.80 percent of the company shares with this recent buy-out.

“In order to reach our global strategic goals, we continue to seize high-potential investment opportunities in line with our investment policy based on sustainable growth and high performance,” says Şişecam Group vice president and CEO Ahmet Kirman. “The buy-out we have just completed in India is also a result of our long-term and value-creating sustainable growth approach and our work in this scope. India is one of the world’s most promising markets in terms of growth potential; it has considerable potential in terms of glass demand that is rising together with increasing welfare. Having acquired the controlling stake and becoming the main shareholder of HNGFL will enhance the Şişecam Group’s value creation potential. This transaction will significantly increase our flexibility to pursue strategic initiatives and to benefit from the strong prospects offered by the Indian market.”

Kirman expects the Indian market to grow in the next five years.

“Today, India is the fastest growing automotive glass market in the world. In terms of the interaction of the construction sector with the flat glass market, it is considered that changes in user trends, as well as growth, will have a significant effect on the market,” he says. “In particular, with the popularity of double glazing units, and an increasing interest in insulated glass units, we estimate an annual increase of 7 percent in architectural glass demand in the period of 2017-2023. Our production operations of flat glass and mirror are continuing in India with a capacity of 600 tons per day at the HNGFL facility and we will continue our investments in line with the growth potential.”