Blackstone in Talks to Sell PGP Glass

Blackstone is in advanced talks to sell Indian glass-packaging company PGP Glass to Brookfield for between $1.3 billion and $1.5 billion. The Economic Times reported the negotiations on Monday 14 September, citing multiple people familiar with the matter.

The transaction would allow Blackstone to exit an asset it acquired in 2020 from the Piramal Group for approximately $765 million, when the business was known as Piramal Glass. Blackstone has explored exit routes since early 2024 as it works to monetise holdings from an earlier Asia private-equity vehicle. Meanwhile, Blackstone Capital Partners Asia III raised $13.1 billion in June.

Blackstone had also prepared PGP Glass for a potential initial public offering in India. In February, Blackstone hired Axis Capital, Bank of America and HSBC to lead an offering planned to raise $400 million to $500 million. At the same time, it appointed Jefferies to evaluate a direct sale.

Brookfield previously competed with Platinum Equity to buy the business in 2024 before talks stalled. PGP Glass exports packaging to more than 60 countries. In fiscal 2025, specialty food and beverage packaging made up 41% of its revenue, while cosmetics and perfumery contributed 37.5% alongside its pharmaceutical glass unit.