Hindusthan Glass expects German arm to be back in black this fiscal

The Rs 1,900-crore Hindusthan National Glass & Industries Ltd’s (HNG) expects its fully-owned German outfit, Agenda Glas — now renamed HNG Global —to break even this fiscal.

The Kolkata-headquartered container glass-maker acquired Agenda Glas for €40 million (Rs 276 crore) in 2011.According to Laxmi Narayan Mandhana, senior vice-president and chief financial officer, HNG invested an additional €12 million (Rs 83 crore, at current exchange rate) to remove bottlenecks and improve operational efficiencies at the German unit.“Following additional investments and improvement in operational efficiencies, we are hoping the German unit will break even by the end of this fiscal,” Mandhana told Business Line."body">Read more here.

600450 Hindusthan Glass expects German arm to be back in black this fiscal glassonweb.com
Date: 4 September 2012
Source: www.thehindubusinessline.com

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