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Blackstone Group Takes Over Sri Lanka’s Leading Glass Packaging Manufacturer
Posted 30,March

By Chaveendra Dunuwille

In Local News

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Blackstone group is a company founded in the mid 1980’s by two ex- Lehman executives and is said to have assets with an estimated value of $ 600 billion under its management.
Blackstone through PGP Glass purchased the controlling interest of Piramal Glass Pvt. Ltd which included 536,331,880 shares, a 56.45% stake in the company. Each share was valued at LKR. 11.60. The total transaction was valued at LKR 6.22 billion. The deal was completed in the morning of the 30th of March, 2021. This transaction was executed by Asia Securities Advisors (Pvt) Ltd who were also financial advisors to the deal.
Piramal is considered as the leading glass packaging manufacturer of Sri Lanka and has an export foothold in several countries. A person familiar with the stated that Blackstone is interested in the export potential that Piramal Glass holds.