Blackstone gets CCI nod to acquire Piramal Glass
Published: Feb 23, 2021
By TIOLCORPLAWS News Service
NEW DELHI, FEB 23, 2021: THE Competition Commission of India (CCI) on Tuesday said it had approved the acquisition of Piramal Glass and its subsidiaries by PGP Glass, an affiliate of Blackstone Group.
Last year, Blackstone had announced that it had struck a deal to acquire Piramal Glass at an enterprise valuation of Rs. 7,500 crore, about USD 1 billion, in the largest-ever transaction for a packaging company in India.
PGP Glass will acquire the manufacturing and sale of glass packaging business of Piramal Glass, its shareholding in certain subsidiaries such as Vivid Glass Trading and some business divisions of Ansapack.
Piramal Glass was a unit of Mr Ajay Piramal-led Piramal Group. It is engaged in the manufacture and sale of glass packaging and glass decoration, catering to the cosmetics, perfumery, specialty food and beverages, and pharmaceutical industries.
Its subsidiaries that are part of the proposed combination include Ansa Deco Glass, Kosamba Glass Deco, Piramal Glass UK, Piramal Glass Europe, Piramal Glass Ceylon and Piramal US.
Vivid Trading is an independent company registered in Dubai Airport Free Zone Authority and is engaged in glass bottle trading. Ansapack is a private company incorporated in India, which is engaged in the manufacture and sale of packaging material, including corrugation boxes and plastic films.