M&A

M&A

Sejal Glass buys UAE-based distressed architectural glass making plant for Rs.70-Cr

Press Release  

Mumbai-headquartered, publicly listed Sejal Glass has acquired the assets of a distressed business in the manufacturing of architectural glass in Dubai & Ras Al Khaimah, UAE. The acquisition is being done via a UAE-based subsidiary, Sejal Glass & Glass Manufacturing Products LLC, in which Sejal Glass has a 99.01% stake. The deal is estimated at UAE Dirham 30 million (INR 70 crore) with additional exposure towards working capital. The SPV will pay the consideration directly to the banks to acquire the assets. The assets being acquired is a manufacturing plant spread across an area of 79,979 sq. mtrs. (approx. 20 acre), with a constructed area of about 2,25,000 sq. ft. with equipment from Europe and facilities to accommodate around 250 staff. The plant has executed more than 500 projects in UAE, GCC and African markets. With this manufacturing facility, Sejal Glass has become the largest in terms of capacity and infrastructure for manufacturing Architectural Glass in the UAE The acquisition offers for a long term presence of Sejal in the GCC region. This plant shall also serve as a hub to cater to the whole of MENA region, Africa and European countries. The UAE entity has the potential to reach a turnover of about 110 million AED (equivalent to INR 250 crores) at optimum capacity utilization.