Financial group Blackstone is on the brink on acquiring Indian manufacturer Piramal Glass for $1 billion.

Reports from India suggest the acquisition will be confirmed in the next few weeks.

Blackstone is the world’s largest private equity group and is based in the USA.

A bid by another private equity group, Bain Capital, for $800 million was rejected by Piramal.

Piramal Glass makes container glass packaging and has factories in the USA, India and Sri Lanka with a total capacity of 1,475 tons per day, according to its website.

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.