Blackstone, Partners Group in Race to Buy Piramal Glass

Blackstone Group Inc. and Partners Group Holding AG are vying for a controlling stake in Piramal Enterprises Ltd.’s glass unit. Negotiations are ongoing and the investment firms can decide not to proceed with offers. Other bidders could also emerge, and Piramal could choose to keep the business. The investment firms have progressed to the final round of bidding for India’s Piramal Glass Ltd. Billionaire Ajay Piramal’s conglomerate is seeking a valuation of $1 billion for the unit from the sale. Piramal could name a winner as soon as October. Piramal Enterprises has been raising funds through debt issues as well as weighing sales of some of its non-core units. In June, the group agreed to sell a 20% stake in its Piramal Pharma Ltd. arm to private equity firm Carlyle Group Inc. for $490 million, giving the business an enterprise value of $2.7 billion. Ajay Piramal has also said he intends to exit his investment in the parent of shadow Piramal Glass makes glass packaging and has factories across the U.S., India and Sri Lanka with a total capacity of 1,475 tons per day, according to its website. The former Gujarat Glass was acquired by Piramal Group in 1984.