Home / Business and Economy / Brookfield Eyes $1.3B PGP Glass Deal with Blackstone
Brookfield Eyes $1.3B PGP Glass Deal with Blackstone
14 Sep
Summary
- Brookfield is negotiating a $1.3 billion acquisition of PGP Glass from Blackstone.
- The deal signifies a major transaction between two top alternative asset managers in India.
- A binding agreement is expected within the next two to three weeks.
Brookfield is in advanced talks to acquire PGP Glass from Blackstone for an estimated $1.3 billion, potentially reaching $1.5 billion. This deal represents a major transaction between two prominent alternative asset managers in India. Blackstone, which acquired the glass packaging company in 2020 for $765 million, is looking to exit its six-year investment.
A binding agreement is expected within the next two to three weeks. PGP Glass, formerly Piramal Glass, specializes in packaging for cosmetics, spirits, and pharmaceuticals. Previously, Blackstone had explored an initial public offering (IPO) and a sale of the business.
PGP Glass operates in India and Sri Lanka, boasting a capacity of 1,720 tonnes per day. In fiscal year 2025, the company reported consolidated total income of Rs 4,278 crore and EBITDA of Rs 1,430.2 crore, maintaining a strong EBITDA margin of over 33%. The perfumery and pharmaceutical segments are key revenue drivers, with the specialty, food & beverages division showing significant growth.
Brookfield's interest stems from its extensive experience in the packaging sector and business turnarounds. The company has a history of backing industrial and manufacturing firms, with recent investments in packaging companies like Fosber and Schoeller Allibert, alongside a Rs 2000 crore investment in JPFL Films Pvt Ltd in India.
