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Our Bureau

Mumbai , Oct. 26

LARSEN & Toubro has sold its glass container business to Ace Glass Containers of the C.K Somani group for an undisclosed amount.

The Somani group also owns Hindustan National Glass & Industries Ltd.

The sale consideration is roughly the same as was decided during an earlier agreement;

this would place the proceeds from the current sale in the region of Rs 100 crore, said sources associated with the sale.

It was two years ago that L&T had decided to sell its glass unit as part of its plans to move out of all its non-core businesses. With this, L&T has totally exited from the packaging business, said the release.

All the employees have also been transferred to Ace Glass Containers, their service conditions to remain unchanged.

L&T's flint glass container unit at Nashik has a manufacturing capacity of 320 million tonnes per day; it primarily services the requirements of the liquor, soft drinks and food industries.

This sale is yet another step being taken by the company after the de-merger of its cement division in 2003 to enhance value creation in its core businesses comprising engineering & construction, high-end manufacturing, electrical & electronics, information technology and engineering services, said the release.

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