Piramal Group to sell glass business

The Ajay Piramal group is in talks with Hindusthan National Glass & Industries to sell its glass business. Early this month, the group had sold its domestic drug formulations business to Abbott Laboratories for Rs17,000-crore.

Hindusthan National has signed a non-disclosure agreement with Piramal, and the two parties are now discussing the valuation of the deal.

The Piramals want a premium on the market value of Piramal Glass, but Kolkata-based Hindusthan National has asked for a discount since the acquirer will have to take care of the company’s debt, estimated at around Rs1,000-crore.