1 min read.Updated: 16 Sep 2020, 09:56 AM ISTBloomberg
The investment firms have progressed to the final round of bidding for Piramal Glass Ltd
Piramal Enterprises has been raising funds through debt issues as well as weighing sales of some of its non-core units
Blackstone Group Inc. and Partners Group Holding AG are the two remaining bidders vying for a controlling stake in Piramal Enterprises Ltd.’s glass unit, people familiar with the matter said.
The investment firms have progressed to the final round of bidding for India’s Piramal Glass Ltd., the people said, asking not to be identified as the information is private. Billionaire Ajay Piramal’s conglomerate is seeking a valuation of $1 billion for the unit from the sale, the people said. Piramal could name a winner as soon as October, one of the people said.
Negotiations are ongoing and the investment firms can decide not to proceed with offers, the people said. Other bidders could also emerge, and Piramal could choose to keep the business, they added. Representatives for Blackstone, Partners Group and Piramal declined to comment.
Piramal Enterprises has been raising funds through debt issues as well as weighing sales of some of its non-core units. In June, the group agreed to sell a 20% stake in its Piramal Pharma Ltd. arm to private equity firm Carlyle Group Inc. for $490 million, giving the business an enterprise value of $2.7 billion.
Ajay Piramal has also said he intends to exit his investment in the parent of shadow financier Shriram Capital Ltd., while Piramal Enterprises has recently been seeking to introduce new investors to shore up the capital for its own shadow lender, Piramal Capital & Housing Finance Ltd.
Piramal Glass makes glass packaging and has factories across the U.S., India and Sri Lanka with a total capacity of 1,475 tons per day, according to its website. The former Gujarat Glass was acquired by Piramal Group in 1984.