Hindusthan National Glass & Industries Limited has established an equal joint venture partnership with Trakya Cam Sanayii AS for jointly pursuing the float glass business in India, under the aegis of HNG Float Glass Limited (HNGFL). The two sides had signed a joint venture agreement (JV A) on January 10, 2013 with the intention of pursuing and developing the float glass manufacturing business in India, value added processed float glass including high performance placing giass and Automotive glass segment. The parties having complied with the relevant conditions precedent under the JVA, the joint venture transaction has now been consummated.

As part of the transaction, Trakya has aiso acquired IFC Washington's 12.36% stake in HNGFL. Post consummation, Trakya owns 50% stake in HNGFL, and Ore stake of HNG Group stands reduced from c.88% to 50%.