Blackstone Group Inc and Partners Group Holding AG are the two remaining bidders vying for a majority stake in the glass unit of Piramal Enterprises Ltd.
People said that investment firms have progressed Piramal Glass Ltd. Hindi's final bidding round, and requested anonymity because the information is private. Sources said billionaire Ajay Piramal’s conglomerate is seeking a valuation of $ 1 billion for the unit from the sale. One person said Piramal could decide the winner as soon as October, one of the people said.
People said that negotiations are ongoing and investment firms may decide not to go ahead with the offers. They added that other bidders may also appear and Piramal could choose to stay with the business. Representatives for Blackstone, Partners Group, and Piramal declined to comment.
Piramal Enterprises has been raising funds through debt issues and evaluates the sales of some of its non-core units. In June, the group agreed to sell a 20% stake in its Piramal Pharma Ltd division to private equity firm Carlyle Group Inc. for $ 490 million, giving the business an enterprise value of $2.7 billion.
Ajay Piramal also said that he intends to exit his investment in the parent of shadow financier Shriram Capital Ltd. While Piramal Enterprises recently sought to introduce new investors to back the equity of its shadow lender, Piramal Capital & Housing Finance Ltd.
Piramal Glass makes glass packaging and has factories in the United States, 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.
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