Sejal Glass, a leading player in the Architectural Glass business, has acquired a majority stake in the special purpose vehicle Sejal Glass & Glass Manufacturing Products LLC by subscribing to the equity shares of 99.01 per cent. The deal is estimated at UAE Dirham 30 million (₹70 crore) with additional exposure towards working capital.
Following the deal, the SPV will pay the consideration directly to the banks to acquire the assets.
Sejal Glass & Glass Manufacturing Products LLC has manufacturing facility in Ras Al Khaimah, UAE. The plant is located at Ras Al Khaimah and is spread over 20 acres with modern technology and equipment from Europe. It can accommodate about 250 staff.
The plant has executed over 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 plant will serve as a hub to cater to the whole of MENA region, Africa, and European countries. The UAE entity has the potential to add revenue of about AED 110 million (₹250 crore) at optimum capacity utilisation.
The UAE company has an order book of about AED 35 million (₹80 crore).
Sejal Glass’s Indian operations have demonstrated profitability and continue to witness healthy demand. The company will evaluate opportunities for further brownfield and greenfield expansion, it said.