Indian container and pharmaceutical glassmaker Piramal Glass is for sale.
The company has appointed Bank of America and Axis Capital to find a buyer and has already approached several multi-national glass manufacturers for their interest in an $800 million deal.
Organisations approached include German container and pharmaceutical manufacturer Gerresheimer and French groups Saverglass and Verescence.
Piramal Glass operates four manufacturing plants: two in India, and one each in Sri Lanka and the USA. According to its website it makes 1475 tonnes of glass a day with 12 furnaces and 65 production lines.
It recently completed the first stage of its digital transformation in its plants and worked with companies including Microsoft to implement the new technology.
It makes glass packaging for the global cosmetics, perfumery, skin-care, food, and beverage sectors.
Piramal Glass said: “Piramal Glass India, a privately held company, is exploring a potential equity capital raise from financial partner/s to augment its accelerated growth strategy.
"PGPL believes that there are emerging opportunities arising out of market consolidation which makes it an opportune time to leverage its capabilities for both organic & inorganic growth.”
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