Borosil Acquires 90.17% Stake In Goel Scientific Glass Works : Shreevar Kheruka Exclusive

Borosil on Friday signed a binding share purchase agreement (SPA) through its subsidiary Klass Pack Limited (KPL) to acquire an initial 90.17 per cent stake (with a provision to increase its stake up to 100%) in Goel Scientific Glass Works Limited (GSGWL). Upon completion of the transaction, GSGWL will become a subsidiary of KPL and in turn a step-down subsidiary of Borosil.
KPL is in the business of primary pharmaceutical packaging and manufactures tubular glass vials and ampoules for the pharmaceutical industry. Upon approval from the National Company Law Tribunal, Mumbai Bench, to the ongoing Composite Scheme of Arrangement, amongst Borosil, KPL and Borosil Technologies Limited (wholly owned subsidiary of Borosil), the SIP business viz. lab glassware, lab instrumentation and pharma packaging business of these three entities will stand consolidated in KPL.
In an exclusive conversation with CNBC-TV18, Shreevar Kheruka, MD & CEO, Borosil, speaks on the firm's latest acquisition & FY24 outlook. Listen in.
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