Piramal group’s alternate asset arm Piramal Alternatives has tapped the fragrance and flavour (F&F) sector making an investment of Rs 225 crore (nearly $27 million) in ..
CCI nod for Blackstone’s acquisition of Piramal Glass
February 23, 2021
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At an enterprise valuation of about $ 1 billion, this deal is the largest ever transaction for a packaging company in India The Competition Commission of India (CCI) has approved the Blackstone Group Inc’s deal to acquire Piramal Glass, which is a unit of the billionaire Ajay Piramal-led Piramal Group.
At an enterprise valuation of about $ 1 billion, this deal is the largest ever transaction for a packaging company in India. Piramal Glass designs and manufactures glass packaging products for speciality food, beverage, cosmetics and perfumery and pharmaceutical industries.
“Commission approves acquisition of manufacture and sale of glass packaging business of Piramal Glass and shareholding in its subsidiaries; Vivid Glass Trading & certain businesses of Ansapack Private Limited by PGP Glass (an affiliate of Blackstone Group)”, the CCI tweeted.
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Story: The stock market on Friday closed in red witnessing a sharp decline of 1.5 percent. On the contrary, the indices on Monday, January 25 are expected to open in green as the SGX Nifty indicated a higher opening for the domestic market. The SGX Nifty was trading 129.50 points higher at 14,486.50. On January 22, the BSE Sensex had a negative closing at 48,878.54 witnessing a decline of 746.22 points or 1.50 percent. Similarly, the NSE Nifty plunged 218.45 points or 1.50 percent to close at 14,371.90.
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Reliance Industries: The largest company by market capitalisation of the country led by Mukesh Ambani, has reported a consolidated profit of Rs 14,894 crore in the December Quarter rising by 40.5 percent against Rs 10,602 crore in Q2FY21. The revenue of the company also increased to Rs 1,23,997 crore from Rs 1,16,195 crore on QoQ basis.