Mumbai, May 31: Mumbai-based Sezal Glass today announced the sale of its float glass business to Saint-Gobain Glass India for Rs 686 crore.

“The company executed a binding business transfer agreement with Saint-Gobain Glass India Ltd for the sale of its float glass business undertaking as a going concern on slump sale basis. The gross consideration for this transaction is Rs 686 crore on the terms and conditions as set out in the business transfer agreement. The sale of the undertaking by the company to Saint-Gobain Glass India Ltd has been approved by the shareholders of the company by postal ballot,” Sezal Glass said in a filing to the National Stock Exchange today.

The company said its shareholders had approved through a postal ballot the resolution seeking to sell, transfer, lease and dispose of the architectural glass processing business with requisite majority.

Sezal Glass is engaged in architectural glass processing business apart from float glass. It has retail showrooms in Mumbai which specialise in home and office interiors and decorative products.

The company had decided to sell the architectural glass processing business undertaking at Silvassa and the float glass manufacturing business at Jhagadia in Gujarat to bring down its debt burden. It had sought its shareholders’ permission in April.

The company’s float glass facility in Jhagadia Industrial Estate in Gujarat has the capacity to produce 550 million tonnes of glass per day.

After the announcement, the Sezal Glass stock was frozen at the 5 per cent upper circuit on the BSE today.

Schneider move

Schneider Electric today said in Delhi it would buy a 74 per cent stake in inverter maker Luminous Power Technologies for Rs 1,400 crore, a move that would help the French major strengthen its access to the retail market for electrical goods, according to PTI.

“The joint venture with Luminous will provide a strong platform for Schneider to reach out to Indian consumers,” Schneider managing director (India) Olivier Blum said.