US-based private equity Blackstone Group Inc. has signed a deal to acquire Piramal Enterprises Ltd.‘s (PEL) glass unit for 1 billion USD.
Piramal Glass manufactures container glass packaging solutions for perfumes, cosmetics, beverages, specialty foods and pharma industries. The company has manufacturing facilities in India, US and Sri Lanka.
The transaction includes a down payment of 850 million USD to take over the management and ownership of Piramal Glass, while the Piramal Group will get about 150 million USD on reaching defined milestones, to be paid over the course of two years