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Apollo, Multiples join race for Piramal’s glass biz

The two join Blackstone, the world’s largest PE firm, and Partners Group Holding AG for the buyout, which could be in the range of Rs 7,000 crore to Rs 8,000 crore ($1 billion), the people mentioned above add.
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22 Sep 2020 3 Mins Read 0 comment
The company said its current global sales have touched Rs 2,500 crore ($357 million). Shutterstock.com
The company said its current global sales have touched Rs 2,500 crore ($357 million).
Mumbai: Buyout fund Apollo Global Management and Renuka Ramnath’s Multiples Alternate Asset Management have entered the race to acquire Piramal Group’s glass business that’s considered Asia’s biggest for specialty products, multiple people aware of the talks told ET. The two join Blackstone, the world’s largest PE firm, and Partners Group Holding AG for the buyout, which could be in
for exports to countries in Asia, Europe and the US. In a recent interview, the management had said that the company is seeing a 30 per cent jump in sales of Type 1 borosilicate glass vials, specialty vials used to bottle medicines, in the June quarter, on account of a demand surge for medicines to combat the Covid-19 pandemic.
Mumbai: Buyout fund Apollo Global Management and Renuka Ramnath’s Multiples Alternate Asset Management have entered the race to acquire Piramal Group’s glass business that’s considered Asia’s biggest for specialty products, multiple people aware of the talks told ET. The two join Blackstone, the world’s largest PE firm, and Partners Group Holding AG for the buyout, which could be in for exports to countries in Asia, Europe and the US. In a recent interview, the management had said that the company is seeing a 30 per cent jump in sales of Type 1 borosilicate glass vials, specialty vials used to bottle medicines, in the June quarter, on account of a demand surge for medicines to combat the Covid-19 pandemic.

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