Industry Odisha Bureau, Sep 14: Brookfield is in advanced talks to acquire PGP Glass from Blackstone. The proposed valuation ranges between $1.3 billion and $1.5 billion. A binding agreement could emerge within two to three weeks.
Brookfield is negotiating to acquire PGP Glass from Blackstone. The proposed transaction values the glass packaging maker at $1.3-$1.5 billion. Multiple people familiar with the matter described the talks. A binding agreement is expected within two to three weeks. The deal remains unsigned for now.
Blackstone Weighs PGP Glass Exit
Blackstone bought the business from billionaire Ajay Piramal in 2020. It paid $765 million at the time. The company was then known as Piramal Glass. Blackstone has explored an exit since early 2024. A sale would let it exit a six-year-old investment.
IPO and Previous Sale Attempts
Blackstone had earlier mandated Axis Capital, Bank of America and HSBC. They were appointed for a proposed $400-$500 million IPO. Jefferies was separately mandated to explore a sale. Bain Capital submitted a non-binding offer during that process. It was not accepted, reportedly over valuation differences. Brookfield had also bid earlier, before those talks collapsed. Discussions between Brookfield and Blackstone later revived. Blackstone had also explored a continuation vehicle, without success.
Blackstone previously sought a $2 billion valuation for the business. That figure now looks harder to achieve, according to industry observers, amid volatile energy costs. Sources close to Blackstone said the business stayed resilient, reporting a 20% rise in FY26 profits.
PGP Glass Financials Support Deal Context
PGP Glass reported ₹4,278 crore in consolidated FY25 income. That marked a 4.4% year-on-year increase. FY25 EBITDA reached ₹1,430.2 crore, up 5.1%. Management reported EBITDA margins above 33%. Net profit for the year stood at ₹384.2 crore.
Global Glass Packaging Footprint
PGP Glass operates across India and Sri Lanka. It runs 12 furnaces and 70 production lines. Overall capacity stands at 1,720 tonnes daily. The company serves customers in more than 50 countries. About 77% of sales come from high-end cosmetics and speciality spirits. Perfumery contributed 37.5% of FY25 revenue. Speciality food and beverages contributed 41%, growing 6.5% year-on-year.
Brookfield Brings Packaging Experience
Brookfield has invested across industrial and packaging businesses before. It acquired Italy-based Fosber in December 2025 for about $900 million. It also holds a controlling stake in Schoeller Allibert, merged with IPL. In India, Brookfield invested roughly ₹2,000 crore in JPFL Films. An investment banker said this experience could suit PGP Glass’s complex operations.
Negotiations between Brookfield and Blackstone are advanced but not finalised. Both firms declined to comment. A binding agreement, if reached within weeks, would mark the next concrete step in Blackstone’s search for an exit.
