ICRA India confirmed that Blackstone Group Inc’acqusition of Piramal Group’s Piramal Glass includes its Sri Lankan unit, Pirmal Glass Ceylon PLC.
With the announcement of Blackstone Group Inc’acqusition of Piramal Group’s Piramal Glass, Piramal Glass Ceylon PLC (PGPC) in a market disclosure to Colombo Stock Exchange (CSE) on the same day announced that its parent reached an agreement to sell PGPC for a value of INR 5.1 billion ( $69.3 million) to a company named Pristine Glass, based in Mumbai, without further divulging into details.
ICRA India recently confirmed that Pristine Glass is a part of the Blackstone Group and the Sri Lankan entity was included in a nearly $1 billion deal.
” Earlier, on December 11, 2020, Piramal Glass Ceylon PLC (PGC Ceylon), a 56.45% subsidiary of PGPL, intimated the Colombo Stock exchange that a sale and purchase agreement has been entered into between PGPL and Pristine Glass Private Limited (Pristine Glass; part of the Blackstone Group) for the sale of the entire equity interest of PGPL in the company to Pristine Glass for an EV of Rs. 516.6 crore. This is a part of the overall EV of $1 billion mentioned above,” it said.
Meantime, PGPC this week announced that Pristine Glass has been renamed to PGP Glass private Limited.