Gujarat Glass (GGL), the 2,330M Rupee-rated maker of glass packaging for the pharmaceutical and cosmetics industry, and an independent subsidiary of Nicholas Piramal (NPL), is reported to be close to acquiring a US-based glass packaging company for a consideration thought to be as much as US$100m (4,800M Rupees). Although GGL would not reveal the exact target sources close to the company say that a "suitable acquisition possibility has been identified and any agreement will be in the form of either outright acquisition or joint venture." In what is a somewhat unusual tactic for an India-based company, GGL has been actively setting up offices in the Americas, (New York) and Sao Paulo, in an attempt to service both northern and southern parts of that continent. In terms of the deal, officials at GGL said they expect it to be finalised within 6 months.
