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Blackstone Group receives CCI nod for Piramal Glass acquisition

Author : Pankaj Singh | Published Date : 2021-02-24 

The Competition Commission of India (CCI) has reportedly approved Blackstone Group’s deal to acquire the global specialist in design, production, and decoration of premium glass packaging, Piramal Glass.

Sources with relevant information stated that this deal will be the heftiest ever transaction for a packaging firm in India, with a valuation of about USD 1 billion.

For those unversed, Piramal Glass, a unit Piramal Group led by billionaire Ajay Piramal, specializes in designing and manufacturing glass packaging products for specialty beverage, food, perfumery, cosmetics, and pharmaceutical industries. 

Confirming the news, CCI tweeted that the commission has approved the purchase of glass packaging operation of Piramal Glass as well as shareholding in one of its subsidiaries; Vivid Glass Trading & specific Ansapack Pvt. Ltd. businesses by an affiliate of Blackstone, PGP Glass. The purchase by CDPQ Private Equity Asia of some shares in API Holdings has also been authorized by the CCI.

Furthermore, the CCI has also approved the purchase of Tata Communications (TCL) shares by Panatone Finvest, which is a non-deposit taking core investment firm of Tata Sons. Sources confirmed that the proposed deal foresees the acquisition by Panatone Finvest Ltd. of a stake of around 26.12% in Tata Communications.

The Government of India intends to divest its 26.12% equity interest in TCL. On 30 December 2020, the Cabinet Committee on Economic Affairs (CCEA) had approved the selling of a TCL stake. Panatone Finvest is likely to increase its shareholding from 48.87% to 74.99% after the purchase of the shares.

In similar developments, the Indian fair trade regulator had approved CDPQ Private Equity Asia’s shareholding procurement of API Holdings. It is worth mentioning that API Holdings does not carry out any businesses outside India.

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Pankaj Singh

Pankaj Singh

Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605

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