The race to acquire Piramal Glass is picking pace with at least two new bidders, including global private equity (PE) firm Bain Capital, submitting offers for Asia’s largest specialty glass player. Rival PE firm Blackstone had submitted a bid last week. Offers from Bain and Blackstone are in the $800-900 million range, according to sources close to the negotiations.

“There is heightened interest in Piramal Glass from more than two players. The deal should be concluded in two-three weeks,” said a source privy to the ongoing discussions. “Piramal is looking for a deal that values the company close to $1 billion,” another person said.

Piramal Glass Pvt Ltd is a specialist in the design, production and decoration of glass packaging for pharmaceuticals, cosmetics and perfumery, and specialty food and beverage. It has a capacity of 1,475 tonnes per day, with 12 furnaces and 65 production lines. It has offices and warehousing facilities in France, Germany, Turkey, Spain, the US, the UAE, the UK, China and Sri Lanka, apart from India.

Non-core units sale

The Piramal group is looking to sell the company as part of its strategy to exit non-core businesses and focus on its financial services arm. In June, it agreed to sell 20 per cent in Piramal Pharma to PE firm Carlyle Group Inc for $490 million.

Piramal has a partnership with Bain. In 2016, Piramal Enterprises and Bain launched an India Resurgence Fund.

Since July, Ajay Piramal has been trying to find new owners for glass business. In September, Bloomberg reported that Partners Group Holding AG and Blackstone were among the other bidders. Bain’s entry may help Piramal get a deal closer to $1 billion, said an investment banking source.

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