Glass packaging manufacturer renamed as PGP Glass, to chase global leadership in premium perfumery and cosmetics, and specialty spirits markets
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Billionaire industrialist Ajay Piramal’s first acquisition was of Gujarat Glass in 1984, when he was just 29. This month, the company—renamed Piramal Glass in 2008—that manufactures glass packaging for pharmaceutical, cosmetics, perfumery, and specialty food and beverage, has entered a new phase in its corporate journey, acquiring a new parent and a new brand name. Blackstone acquired the company from the Piramal Group for a valuation of $1 billion in late 2020—the largest ever transaction for a packaging company in India—elbowing out other suitors such as Partners Group AG and Bain Capital. The deal was completed on March 31 and the company, whose near-4,000 staff has been retained, will now have a new name—PGP Glass.