Glassware maker Borosil to acquire Goel Scientific Glass Works

Borosil Ltd has signed a binding share purchase agreement (SPA) through its subsidiary Klass Pack Ltd (KPL) to acquire an initial 90.17 % stake in Goel Scientific Glass Works Ltd (GSGWL), among the oldest scientific glassware companies in India. The transaction comes with a provision to increase the stake to 100 % in GSGWL. An upfront payment of INR 23 crore would be paid. On completion, GSGWL will become a subsidiary of KPL and a step-down subsidiary of Borosil. Monarch Networth Capital Limited acted as sole financial advisor and PricewaterhouseCoopers and Khaitan & Co. acted as the due diligence partners to Borosil.