Blackstone Group and Partners Group Holding AG are the two remaining bidders vying for a controlling stake in Piramal Enterprises Ltd’s glass unit, people familiar with the matter said.
The investment firms have progressed to the last round of bidding for India’s Piramal Glass, the people said, asking not to be identified as the information is private. Billionaire Ajay Piramal’s conglomerate is looking for a valuation of $1 billion for the unit from the sale, the people said. Piramal could name a winner as soon as October, one of the most people said.
Negotiations are ongoing and the investment firms can make a decision not to proceed with offers, the people said. Other bidders could also emerge and Piramal could make a selection to retain the commerce, they added. Representatives for Blackstone and Piramal declined to remark. A representative for Partners Group didn’t immediately return a phone call seeking remark.
Piramal Enterprises has been raising funds through debt issues in addition to weighing sales of a few of its non-core units. In June, the group agreed to sell a 20 per cent stake in its Piramal Pharma arm to private fairness firm Carlyle Group Inc for $490 million, giving the commerce an enterprise value of $2.7 billion. Ajay Piramal has also said he intends to exit his investment in the parent of shadow financier Shriram Capital Ltd., while Piramal Enterprises has recently been seeking to introduce new investors to shore up the capital for its own shadow lender, Piramal Capital & Housing Finance.
Piramal Glass makes glass packaging and has factories across the United States, India and Sri Lanka with a complete capacity of 1,475 tons per day, according to its website.