8 September 2020 09:03 am
India’s Ajay Piramal Group has begun making offers to sell its glass business, which will include the Sri Lankan operations under Piramal Glass Ceylon PLC, according to multiple Indian
news reports.
Piramal Group, which is India’s third largest glass manufacturer, has appointed Bank of America (BOA) to sell four glass plants, with two in India, one in Sri Lanka and one in the United States, a media report said.
The sale of these plants is expected to be anywhere between US $ 900 million and US $ 1 billion. Global buyout funds such as KKR, Advent, Carlyle, TPG and Blackstone, PAG, investment companies like Temasek and global rivals such as Saverglass and Veriscence are being tapped, as the sale process was officially kicked
off recently.
Ajay Piramal Group sold its branded generics operations for US $ 3.7 billion this May.
Piramal Glass Ceylon PLC is the only glass bottle manufacturing company in Sri Lanka and Piramal Group holds a 56.45 percent stake in the company through Piramal Glass Private Limited.
The Piramal Glass share closed at Rs.4.10 yesterday, up 40 cents or 10.81 percent.