The management of Piramal Glass has begun making offers to sell its glass bushiness. The third largest glass manufacturer in India has appointed Bank of America (BOA) to sell four glass plant, with two in India, one in Sri Lanka and on in the United States. The sale of these plants is expected to be anywhere between 900 million USD and 1 billion USD.
At this point, BOA has approached several high profile buyers to solicits bids. Among then are German pharmaceutical glass packagers Gerresheimer and French bottle makers Saverglass and Veresence.
The sale of the glass business is believed to be a result of company leaders looking to raise revenue for their core companies.