Glass Group International

The Piramal Group’s Gujarat Glass business acquired the U.S. based Glass Group International in 2005. Glass Group International (formerly Wheaton Glass) had a 100-year track record of manufacturing premium glass products. As the only exporter from the US into Europe, it achieved a reputation for quality. However, the company’s ownership traded hands four times between 1998 and 2005, resulting in a loss of competitive position. In 2005, the company declared bankruptcy.

Between 2005 and 2010, the Piramal Group worked with management to invest in lower cost production capacity, new technology capabilities, and a more effective capital structure. As a result of these investments the company’s financial performance improved significantly by 2011: Negative EBITDA margins increased to 13% and sales grew by over 50% in a declining market.

The Piramal Group’s commitment to their long-term vision enabled the transition; Gujarat Glass weathered over five years of serious financial stress and negative cash flow before the returns on their investments were seen. Over time Glass Group International’s market share significantly increased and they gained positions in multiple new market segments. Glass Group International became one of the Piramal Group’s leading enterprises, with strong operating results and a position of global leadership.


The Piramal Group acquired Minrad, a US-based inhalation anesthetics business, in 2009. In 2007, before negotiations began, Minrad received FDA approval for their product Sevoflurane, which represented a $1 billion market opportunity. However, the company needed to implement a new manufacturing and quality management process in order to leverage this opportunity. The transition to commercial production took longer than Minrad expected, depleted their available capital, and Minrad was unable to bring their new product to market. This situation was exacerbated by weak capital markets in 2008, and the company struggled to acquire necessary funding forcing them to consider a plan to liquidate assets.

Envisioning a long-term growth opportunity, the Piramal Group began acquisition negotiations at the end of 2008, and within a month Minrad became a part of the Piramal Group’s Critical Care Business. Within three years Minrad has achieved a 20% share of the US inhalation anesthetics market and is seeking regulatory approval for expansion into Europe. The Piramal Group’s value-add proposal spurred the turnaround. In addition to financing, the Piramal Group provided manufacturing and quality control expertise, helped existing management to develop a sales and distribution strategy, and provided regulatory know-how for entering the European market.