The Service of the Commission for the Protection of Competition has received a notification of a concentration according to which investment funds consulted or managed by the affiliated companies of The Blackstone Group Inc (hereinafter “Blackstone”) will acquire through PGP, the business of manufacturing and selling glass packaging containers of the Piramal Group, including participation rights held by Piramal Glass Private Limited ('PGPL') in certain of its subsidiaries (hereinafter 'The Target).
Blackstone is a global alternative asset manager, listed on the New York Stock Exchange. Blackstone operates as an investment management company, not as a conglomerate or as a leading company. Therefore, each company in Blackstone's investment portfolio is subject to separate management and financing and each has different investors (although investors in Blackstone's different investment funds may overlap). Each Blackstone holding company has its own board of directors, which often also includes representatives of Blackstone.
PGP Glass Private Limited (formerly "Pristine Glass Private Limited") is a special purpose vehicle, which has no previous activities and according to the notification, was established to be a glass manufacturing company and to act as a buyer for the purposes of this concentration.
The Target consists of the Piramal Group's glass packaging container manufacturing and selling business, including participation rights held by PGPL in some of its subsidiaries. The Target deals with the manufacture, decoration and packaging of glass bottles for cosmetic and perfumery products (cosmetics and perfumery), pharmaceuticals and specialty food and beverages. Regarding cosmetic and perfumery products, Target’s glass bottles cover products such as nail polish, perfumes, skin care products and air fresheners. With regard to pharmaceuticals, the Target manufactures bottles of different types of glass (e.g. flint glass and amber glass) for medicines in a form such as injectables, syrups, tablets and chemicals. With regard to specialized foods and beverages, the Target manufactures glass packaging such as containers for spices, jams and coffee, alcoholic beverages, soft drinks and high quality water.