The Competition Commission of India (CCI) has approved the $1 billion acquisition of Piramal Glass by the Blackstone private equity group.

The acquisition is the largest ever transaction for a packaging company in India.

Piramal Glass designs and manufactures glass packaging products for speciality food, beverage, cosmetics and perfumery and the pharmaceutical industries.

“The Commission approves the acquisition of the manufacture and sale of glass packaging business of Piramal Glass and shareholding in its subsidiaries; Vivid Glass Trading and certain businesses of Ansapack Private Limited by PGP Glass (an affiliate of Blackstone Group),” the CCI said.