US-based investment firm Oaktree Capital Management has acquired a 60% stake in Mumbai-based Cogent Glass Limited.
Also, SGD, a France-based manufacturer of glass packaging with operations in Europe, North and South America and China, has signed a cooperation agreement with Cogent that provides for technology sharing as well as marketing and management support.
Cogent was founded by a group of Indian promoters in 2010 to produce moulded glass vials as well as tubular glass vials and ampoules for the pharmaceutical industry.
Oaktree Capital Management of Los Angeles is a leading investment firm managing $80 billion in assets, with a global portfolio of companies and, in particular, with several investments in the packaging sector.
Jean Rollier of Oaktree has been appointed non-executive chairman of Cogent's board.
SGD is involved in the production of glass bottles for the pharmaceutical and cosmetics industries.