Blackstone acquires Piramal Glass for $1 billion!
1 min read
Blackstone acquires Piramal Glass for $1 billion. The deal contour includes an upfront payment of $850 million. Piramal Group will get approximately $150 million after a period of 2 years, after cracking certain milestones.
This marks the second-largest deal that Piramal has done in a year to capitalize on its NBFC business. Earlier in the year, Piramal marked one of its largest deals as it had sold US-based DRG for around a billion dollars.
Piramal has taken many steps to raise funds via a rights issue, CDPQ investments, sale of a minority stake in Piramal Pharma to Carlyle recently.. The group has, in total, raised Rs 18,000 crore funds since July 2019. Blackstone has been quite bullish on the Indian markets. It has a market value of $40 billion of assets in India, making it to the top 10 business groups in India.
Blackstone has invested over $15 billion in India:
• Private Equity ($6.9 bn)
• Real Estate ($7.8 bn)
• Tactical Opportunities ($400 mn)
Do you think inking a deal with Blackstone, will make Piramal’s NBFC arm stronger and more competitive?
