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.