Global private equity (PE) group, Blackstone, has notified India’s Competition Commission of India (CCI) of its proposed acquisition of Piramal Glass and its subsidiaries.
The global PE firm had submitted a binding offer in October, valuing the Ajay Piramal-owned glass manufacturing and sales business at about Rs 6,200 crore.
Blackstone will undertake the transaction through PGP Glass, a firm set up for the purpose of the acquisition and affiliated to BCP Topco, which is in turn an affiliate of funds managed by the affiliates of Blackstone, the filing said.
Piramal Glass makes container glass packaging with a capacity of 1,475 tons per day. It has factories in the USA, India, and Sri Lanka.
It is a specialist in the design and manufacture of glass for pharmaceuticals, cosmetics and perfumery.
Its owner, Piramal Enterprises, wants to sell the glass manufacturer as part of its strategy to exit non-core businesses and focus on its financial services arm.
The transaction will involve the acquisition of Pirmal Glass along with certain shareholdings in its subsidiaries including Ansa Deco, Kosamba Glass, Piramal Glass UK, Piramal Glass Europe, Piramal Glass Ceylon and Piramal Glass – USA.