India: Borosil Glass Works to buy Hopewell Tableware for $4m

Gujarat-based Borosil Glass Works Ltd has received its board approval to buy Hopewell Tableware Pvt Ltd (HTPL) for Rs 27 crore (little over $4 million), as per a stock market disclosure.

The deal is subject to necessary regulatory approvals and is expected to close by end of this month.

Jaipur-based Hopewell Tableware was founded in 2010 and manufacturers opal melamine and bone china tableware. Its products include larah opal glass dishware, oriole melamine dishware and larah porcelain dishware.

As per the share purchase agreement, Borosil will also inject Rs 10 crore ($1.5 million) in Hopewell Tableware.

“There is a limited scope of augmenting the company’s market share in its traditional product range. Hence, it has decided to enter into the opal dinnerware business. With this, we will be able to enhance the capacity utilisation in the HTPL plant and enhance sales,” the company said in the filing.

Borosil Glass Works is a Mumbai-based company which was founded in 1962 in collaboration with Corning Glass Works USA. It manufactures laboratory glassware and microwavable kitchenware.

Avendus Capital acted as the financial advisor to Borosil on the transaction.

The company claims to be the first and only manufacturer of solar glass in India. It has established a 150 ton per day low iron patterned glass furnace for the manufacture of high transmission glass used in the solar industry, according to its website.

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.