Indian container glass manufacturer Piramal Glass has been renamed as PGP Glass as part of its takeover by Blackstone financial group.

Blackstone acquired the company from the Piramal Group for a valuation of $1 billion in late 2020—the largest ever transaction for a packaging company in India.

The deal was completed on March 31 and the company, whose near 4,000 staff has been retained, will now have a new name—PGP Glass.

The company manufactures glass packaging for pharmaceutical, cosmetics, perfumery, and specialty food and beverage.

Globally, every second nail polish bottle has been made by Piramal Glass. With four manufacturing facilities—one in Missouri, USA; one in Horana, Sri Lanka, and two in Kosamba and Jambusar in Gujarat—80% of its revenues come through exports.

Piramal Glass currently produces 1,475 tonnes per day, at 12 furnaces for 65 production lines. Its clients include global companies such as Coty, L’Oréal, Diageo, Pernod Ricard and Sanofi.

It is one of the few players, globally, using the type-1 glass vials and infusion bottles suitable for complex pharmaceutical products such as liquid injectable and oncology drugs.

Despite the pandemic, the business of high-end glass packaging grew in pockets. The cosmetics and perfumery segment saw a 20% dip in demand but the nail polish segment picked up quickly as some Western economies opened up last winter.

“The change to ownership to Blackstone is a positive development, as we will now finally be able to fulfil its vision of global leadership in the chosen segments of premium perfumery and cosmetics and specialty spirits,” Vijay Shah, a director on the board of PGP Glass, told Forbes India.

Shah—who led Piramal Glass for decades—will continue to be in control of daily operations of the new company.

Shah said growth will be explored through acquisitions and organic growth options. “This will be planned for within the next three to five years,” he added.

Under the new owner, the plan for expansion into new product lines such as food jars and premium water bottles is being finalised.

A blueprint is also being created to help gain market share across Europe, particularly in high-end cosmetic and perfumery and speciality spirits, where Piramal Glass does not have a manufacturing unit.

In the pharmaceutical space, the increase in regular vaccines and injections has seen the demand for tubular glass vials go up.