Trakya Cam Sanayii AS (IBSE:TRKCM) signed a memorandum of understanding to acquire 45% stake in HNG Float Glass Limited from Hindusthan National Glass & Industries Ltd. (BSE:515145), International Finance Corporation and Somany family on October 18, 2012. Trakya Cam Sanayii AS signed an agreement to acquire 45% stake in HNG Float Glass Limited from Hindusthan National Glass & Industries Ltd. (BSE:515145), International Finance Corporation and Somany family for $190 million on January 10, 2013. Post transaction, Hindusthan National and Somany family together and Trakya will hold 45% stake each post the deal and International Finance Corporation will own the remaining 10% stake in HNG.

As on June 11, 2013, Hindusthan National Glass & Industries completed the sale of 29.09% stake in HNG Float Glass Limited. Hindusthan National Glass & Industries has sold 58.6 million shares to Trakya Cam Sanayii and diluted the shareholding from 47.4% to 18.31%. Karan Suri and Nishant Singh of N M Rothschild & Sons Limited acted as the financial advisor to HNG Float Glass and Hindusthan National Glass.

Pankaj Agarwal, Aswath Rau and Vandana Pai Bharucha of Amarchand Mangaldas and Erdem & Erdem acted as legal advisors for Trakya Cam. Aakash Choubey of Khaitan & Co acted as legal advisor for Hindusthan National Glass & Industries.