{"id":4859,"date":"2019-04-23T04:35:12","date_gmt":"2019-04-23T04:35:12","guid":{"rendered":"http:\/\/financeintellect.com\/home-page\/home\/?p=4859"},"modified":"2019-04-23T04:35:12","modified_gmt":"2019-04-23T04:35:12","slug":"blackstone-sets-to-acquire-51-stake-in-essel-propack-for-460-million","status":"publish","type":"post","link":"https:\/\/financeintellect.com\/home-page\/home\/blackstone-sets-to-acquire-51-stake-in-essel-propack-for-460-million\/","title":{"rendered":"Blackstone sets to acquire 51% stake in Essel Propack for $460 million"},"content":{"rendered":"<div class=\"story-left\">\n<div class=\"story-list-col morestory\">\n<div class=\"subheading\"><\/div>\n<\/div>\n<div class=\"story-list-col morestory\">\n<p style=\"text-align: justify;\">Global buyout major Blackstone Monday has said it would acquire a majority 51 percent stake in the troubled Essel group arm Essel Propack for over USD 460 million or about Rs 3,200 crore.<\/p>\n<\/div>\n<\/div>\n<div class=\"story-right relatedstory\">\n<p style=\"text-align: justify;\">The American fund has entered into a definitive agreement with Ashok Goel Trust, which owns 57 percent in Essel Propack, the company said.<\/p>\n<p style=\"text-align: justify;\">The private equity fund has agreed to pay a purchase price of Rs 134 a share to acquire a 51 percent shares from the holding trust, and intends to purchase additional 26 percent through an open offer at Rs 139.19 a share, it said.<\/p>\n<p style=\"text-align: justify;\">Post-deal Ashok Goel will hold minority stake in the company, it added. The 37-year-old Essel Propack employs over 3,150 in its 20 facilities spaning 10 countries, and manufactures 7 billion packaging tubes annually which are mostly used by the FMCG industry.<\/p>\n<p style=\"text-align: justify;\">Essel Propack\u00a0is a global tube-packaging company headquartered in\u00a0Mumbai\u00a0in\u00a0India. It is part of the Essel Group, and specializes in packaging\u00a0of laminated plastic tubes for the FMCG and Pharma space.<sup id=\"cite_ref-A_Tale_of_the_Tubes_1-0\" class=\"reference\"><\/sup><sup id=\"cite_ref-Jr.2005_2-0\" class=\"reference\"><\/sup><\/p>\n<p style=\"text-align: justify;\">In 2013, Essel Propack employed more than 2,600 people, and operated 24 facilities in 11 countries,\u00a0<sup id=\"cite_ref-busstod_3-0\" class=\"reference\"><\/sup>selling more than six billion tubes each year. At that time, globally, the company held a 33% share of the Oral Care market in terms of volume and was the world\u2019s largest plastic tubes manufacturer<\/p>\n<p style=\"text-align: justify;\">Ashok Goel&#8217;s brother Subhash Chandra, the chairman of the Essel group, is passing through financial difficulties due to some bets taken on asset-heavy new businesses that have gone awry, and is also looking at selling a part of his flagship media and entertainment business to pay back the lenders.<\/p>\n<p style=\"text-align: justify;\">Essel Propack scrip closed 0.91 percent up at Rs 132.65 on the BSE, with a 1.26 percent plunge in the benchmark.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Global buyout major Blackstone Monday has said it would acquire a majority 51 percent stake in the troubled Essel group arm Essel Propack for over USD 460 million or about Rs 3,200 crore. The American fund has entered into a definitive agreement with Ashok Goel Trust, which owns 57 percent in Essel Propack, the company [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4860,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[3561,3756,3757],"class_list":["post-4859","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy-and-politics","tag-blackstone","tag-essel-propack","tag-subhash-chandra"],"aioseo_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Blackstone sets to acquire 51% stake in Essel Propack for $460 million - Finance Intellect<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/financeintellect.com\/home-page\/home\/blackstone-sets-to-acquire-51-stake-in-essel-propack-for-460-million\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Blackstone sets to acquire 51% stake in Essel Propack for $460 million - Finance Intellect\" \/>\n<meta property=\"og:description\" content=\"Global buyout major Blackstone Monday has said it would acquire a majority 51 percent stake in the troubled Essel group arm Essel Propack for over USD 460 million or about Rs 3,200 crore. 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