Sgl Joint Venture With Cgi International
As it started moving along the path of success simultaneously fulfilling the goals and core objectives of company, it also signed joint venture with CGI International. The group is known as one of the top notch and leading companies manufacturing float glass across the country. Sezal along with CGI international has established a joint venture or JV to be calledas SezalFirebaan Glass Private Limited to supply fire rated products of glass branded as Pyroguard.
The chairman and managing director of company, Mr.AmruttGada stated that in the path of their growth and success, they are enthusiastically moving ahead to expand the portfolio of offered products that are comparable to the international norms and standards. Opening a joint venture with CGI is a part of their strategic initiative for constant growth.
Managing director of CGI International commented on the joint venture with Sezal glass by stating that the company has a significant position in a number of overseas markets. They also hold a substantial amount of shares of fire glass market in UK. Pyroguars is accepted well and is widely used in defence and to establish measures for safety against fire. It is essentially used in the designing of a new building or during the completion of a project in order to ensure fire safety. Stringent law for safety against fire are introduced by various governmental agencies and bodies like Fire department, BMC etc.
Sezal Enters Into Agreement With Brand Equity Treaties Ltd
Sezal has signed an agreement with brand equity treaties limited which is a subordinate of Benett Coleman and company limited engaged in the activities of brand building.
Brand Equities Treaties Limited: being a subsidiary of Benett Coleman and Company Limited, it has subscribed to 2, 00,00,000 equity shares and value of each is Rs. 1. The company has bought them at a price of Rs. 9 on preferable basis. After allotment as per the previously mentioned equity shares, the share hold by Brand treaty equity limited is 5.96% as on date of the paid equity capital by the company. An advertisement agreement is signed by Sezal Glass with Brand equity treaties limited in order to fulfil the purposes of building image of brand.
Sezal Glass Ltd. Sells Float Glass Business
The company sold its float glass business to saint Gobain Glass India Ltd. On June 7th, 2011, Sezal declared to sale the float glass business along with manufacturing unit of float glass situated at Jhagadia, Gujarat to Saint Gobain Glass India Ltd. this was done for a concern on fallen sale of the products of INR 6.86 billion. Saint Gobain India, being a 100% subsidiary of company based in France named as Compagnie de saint Gobain, is a world leading for building materials. The agreement for binding business transfer was implemented between both the parties on 31st may, 2011. The company's shareholders agreed to the sale of the float glass business with a postal ballot. The best in class manufacturing unit of float glass had a manufacturing capacity of 550 metric tons on per day basis. It is integrated with highly advanced and modern equipment with technical knowhow at equivalence to international standard of glass manufacturing.
The chairman and managing director of Sezal Glass commented on the transaction that they are going to utilize the funds grasped from the transaction to clear all bank debts at first. The remaining balance will be proceeded to be utilized in the expansion of current value added glass business and venture new and similar businesses. He further added that the principle promoters of the company have accepted the non-compete obligations as per the float glass business In India with Saint Gobain India Ltd for five years. However, any non-compete fees in not received by the promoters yet and the consideration of the entire sale of received by the company. As the sale will proceed, the company will be completely free of debt.