Piramal set to sell off more businesses

Piramal set to sell off more businessesAfter selling off its pharmaceutical business to Abbott Laboratories, the Ajay Piramal group is all set to sell more businesses.

And the first in the line will be its glass business, which as said by people close to the developments, will be sold to Hindustan National Glass and Industries.

Talking to a private business newspaper, Economic Times, an official close to the matter said that the two parties have already signed a non-disclosure agreement. They are now looking forward to the valuations of the business.

But even after this, there is a tussle between the two. And the reason for the same is that while Piramal is asking for a premium for the company, the Kolkata-based acquirer is not ready for it. Hindustan Glass says that the company is facing a debt of Rs. 1,000 crore and that it wants discount.

Meanwhile, the two companies are also discussing whether to keep Piramal Glass listed or not. But the biggest trouble in this is regulatory in nature.

As per the existing rules, for a listed company the shares of promoters should not cross 90 per cent. But if the buying happens, the value will reach 97 per cent.