Borosil informed the exchange that it had signed a binding share purchase agreement, through its subsidiary Klass Pack Limited (KPL) to acquire 90.17 per cent stake in Goel Scientific Glass Works Limited (GSGWL).
GSGWL will then become a subsidiary of Klass Pack Limited and a step-down subsidiary of Borosil.
Klass Pack Limited makes primary pharmaceutical packaging and manufactures tubular glass vials and ampoules for the pharmaceutical industry.
KPL is proposed to be renamed as Borosil Scientific Limited and shall get listed on BSE and National Stock Exchange of India (NSE), informed Borosil in a press release.
GSGWL is a public limited company and has two plants located in Vadodara, Gujarat and is a manufacturer of industrial glass process systems as well as laboratory glassware and has a team of expert glass blowers who are skilled at manufacturing borosilicate glass vessels.