Leading Turkish glass manufacturer, Şişecam, which owned a 50 percent stake in India's HNG Float Glass Limited (HNGFL), has now fully acquired the company for $85.4 million.
Şişecam has a strong presence in the Indian market. It has owned 50 percent of HNGFL 2013. The recent acquisition (49.8 percent) will see its share in the company go up to 99.80 percent.
Deputy Chairman and general manager of Şişecam Group Prof. Dr. Ahmet Kırman said that Şişecam operates in four main categories, including float glass, glass house appliances, glass packaging and chemicals.
"We are constantly working to evaluate all potential opportunities in line with our investment policy that is based on sustainable growth and high performance. The acquisition we have carried out in India is also the result of these efforts," he said.
"India is one of the world's most attractive markets in terms of growth potential. Its demand for glass is growing parallel to the increasing level of prosperity. This move will accelerate our commissioning of strategic initiatives by making our group the main shareholder for investments in the Indian market," Kırman said.
Kırman added that Şişecam Group is currently carrying out its production activities in 13 countries. He noted that India currently has the world's fastest-growing auto glass market. "Considering the interaction of the construction sector with the float glass market, it is estimated that the change in user trends will have a significant effect on the market as well as growth," he said.
He noted that with the widespread use of double glazed windows, demand for architectural glass is estimated to increase by 7 percent annually between 2017 and 2023.
Kırman said they will continue with their investment plans in parallel with their growth potential in India, with a facility that can produce 600 tons of float glass and mirrors every day. Şişecam was founded to meet Turkey's need for basic glass products in 1935 by Turkey's İşbank upon the directive of Mustafa Kemal Atatürk. The company exports to nearly 154 destinations and operates in 13 different countries.