Financial Daily from THE HINDU group of publications
Thursday, Oct 20, 2005
Financial Daily from THE HINDU group of publications Thursday, Oct 20, 2005 |
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Corporate
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Mergers & Acquisitions Gujarat Glass to buy GGI's cosmetics biz Our Bureau
Mumbai , Oct 19 PIRAMAL-GROUP company Gujarat Glass Pvt Ltd (GGPL) has approved the acquisition of the cosmetics and perfumery business of The Glass Group Inc (GGI), the erstwhile Wheaton, in the US for Rs 81 crore. The move catapults Gujarat Glass to a place among the top-three flaconnage manufacturers in the world. GGPL would also gain access to the huge US market, a note from the company said. Further, the acquisition more than doubles the consolidated turnover of GGPL, including Ceylon Glass, to Rs 750 crore, with two-third of its sales concentrated in markets outside India. GGI clocks sales of about $ 70 million. Established in 1888, the company supplies clients like L'Oreal, Estee Lauder, Elizabeth Arden and Coty in the US to name a few. Kojam Fininvest, a listed company, holds 54 per cent equity in Gujarat Glass. Piramal Enterprises in turn holds 54 per cent equity in Kojam.
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