Piramal Glass parent’s sale narrows to 2 bidders

Blackstone Group Inc. and Partners Group Holding AG were said to be the two remaining bidders vying for a controlling stake in Piramal Enterprises Ltd.’s glass unit, the parent of Sri Lanka’s Piramal Glass Ceylon PLC, according to a report by Bloomberg newswire.

The investment firms have progressed to the final round of bidding for India’s Piramal Glass Ltd., Bloomberg said quoting sources.

Billionaire Ajay Piramal’s conglomerate is seeking a valuation of US$1 billion for the unit from the sale and a deal is expected to be reached as soon as October. 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.

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. 4.20  yesterday, up 20 cents or 5 percent.