Sezal Glass, which will receive Rs 686 crore from sale proceeds of its float glass manufacturing unit to Saint-Gobain Glass India, will use the funds to expand its existing business and venture into new and related businesses.
Last week, it announced the sale of float glass business along with its Gujarat-based manufacturing unit to Saint-Gobain Glass India for a consideration of Rs 686 crore.
"The funds realised from the transaction have been used by the company towards clearing all the bank debts first. The balance will be utilised for expanding its existing value added glass business, as well as venturing into new and related businesses through both organic and inorganic routes," Sezal Chairman and Managing Director Amrrut S Gada said in a statement here.
With the sale proceeds, the company will be 100% debt-free with reserves to fund the growth, he said.
Last week, it announced the sale of float glass business along with its Gujarat-based manufacturing unit to Saint-Gobain Glass India for a consideration of Rs 686 crore.
"The funds realised from the transaction have been used by the company towards clearing all the bank debts first. The balance will be utilised for expanding its existing value added glass business, as well as venturing into new and related businesses through both organic and inorganic routes," Sezal Chairman and Managing Director Amrrut S Gada said in a statement here.
With the sale proceeds, the company will be 100% debt-free with reserves to fund the growth, he said.
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