US-based Blackstone Capital has taken over Sri Lanka’s publicly traded Piramal Glass (Pvt) Ltd, paying 6.2 billion rupees to buy a controlling stake, in a transaction on the Colombo Stock Exchange.

Asia Securities Advisors (Pvt) Ltd were financial advisors Blackstone group. The deal was executed by Asia Securities. A mandatory offer is expected to follow with the Blackstone getting 56 percent stake in the firm, through PGP Glass. PGP Glass, a Blackstone unit, purchased India’s Piramal Glass and several affiliated companies including the Sri Lanka firm.

The new owners have the know-how to take develop the glass firmly and boost exports, analysts say. “Blackstone is interested in the export potential of Piramal Glass,” a person familiar with the deal said. “They are a leader in glass packaging. Blackstone has superior manufacturing and product design capabilities. They are good at growing and creating value.”

Read more/Source: Economy Next