The Economic Times had reported on Monday that the Ajay Piramal group was in discussion to sell its glass business to India´s largest glass container maker Hindusthan National Glass & Industries Ltd (HNGI)."No document whatsoever has been signed with Ajay Piramal group or the company," HNGI said in a statement to the stock exchange."The company has made acquisitions in the past in this line of business and is always open to further consolidations," it added.
Piramal Healthcare, an Ajay Piramal group company, earlier this month sold off its healthcare solutions business to U.S.-based Abbott Laboratories for about $3.72 billion.
Shares of Piramal Glass had jumped more than 7 percent in early trade on Monday while shares of Hindusthan National Glass, which has a market capitalisation of $338.09 million, rose more than 5 per cent on the news.
After both companies denied the stake sale report, the share prices eased out. Shares of Piramal Glass closed at 97.45 rupees, up 0.26 per cent in a firm Mumbai market on Monday, while Hindusthan National Glass & Industries fell 0.29 percent to Rs 207.
Piramal Glass, HNGI deny stake sale deal
Date: 9 June 2010
Source: Piramal Glass Ltd / HNGI
Piramal Glass Ltd said on Monday that a newspaper report saying its founders were in talks to sell stake in the company to HindusthanNational Glass & Industries Ltd, was ´baseless´.