Private equity group Blackstone has acquired India's Piramal Glass for US$800 million and a future conditional payment of $200 million based on the achievement of certain milestones.
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.