CCI Nod for Blackstone’s Acquisition of Piramal Glass
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. The CCI has also approved acquisition of certain shareholding in API Holdings by CDPQ Private Equity Asia. The competition watchdog has also approved the acquisition of shares of Tata Communications Limited by Panatone Finvest (A Systemically Important Non Deposit Taking Core Investment Company of Tata Sons).