Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Binani Said to Weigh Purchase of Fibreglass for $275 Million

Nov. 4 (Bloomberg) -- Binani Industries Ltd., an Indian maker of cement and zinc, is considering buying Platinum Equity LLC’s fiber glass unit for about $275 million, two people with direct knowledge of the matter said.

The unit, 3B The Fibreglass Co., based in Battice, Belgium, would be acquired by a special purpose vehicle controlled by Binani one of the people said, declining to be identified because the matter is confidential. Binani may use structured equity financing once the deal is completed, the person said.

The purchase would be Binani’s third acquisition in six years, according to data compiled by Bloomberg. Closely held 3B, which supplies fiber glass products to automotive and defense companies, reported revenue of 118.6 million euros ($258.7 million) in 2009, according to data compiled by Bloomberg.

The value of overseas acquisitions by Indian companies has slumped 66 percent this year to $11.57 billion from the same period in 2010, as rising interest rates and a stock market slump deterred deal making, according to data compiled by Bloomberg.

Binani rose 1.5 percent to 134 rupees in Mumbai at 10:45 a.m. after climbing as much as 2.1 percent. The stock has lost 40 percent this year.

IDBI Capital Market Services Ltd., based in Mumbai, is advising Binani on the deal, one of the people said. Binani, which is based in Kolkata, has borrowed to finance 75 percent of the amount, the person said.

Binani spokeswoman Bina Verma, and Hemant Batra, an external spokesman of IDBI Capital declined to comment. Josh Adams at Platinum Equity’s press office in London didn’t respond to an e-mail. Binani also makes fiber glass products in India, according to the company’s website.

Platinum Equity, based in California, bought two European plants of Owens Corning Inc. in 2008 for 155 million euros and named the company 3B. The buyout firm took over the facilities in Battice, Belgium and Birkeland, Norway. Owens Corning said in May 2008 it will receive $197 million in net proceeds, including $184 million in cash and the rest from liabilities assumed by the purchaser.

To contact the reporters on this story: George Smith Alexander in Mumbai at; Abhishek Shanker in Mumbai at

To contact the editor responsible for this story: Philip Lagerkranser at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.