Binani Industries wholly owned subsidiary Glass Fibre Holding I SarI (SPV), incorporated in Luxembourg has acquired Project Bird Holdings in Luxembourg at a total cost of Rs. 1770 crore ($360 million or Euro 275 million).
Project Bird Holdings owns operating facilities in Norway and Belgium under the name of 3B for the manufacture of fibreglass.
AZB & Partners advised Binani with a team led by Partner Shameek Chaudhuri along with Associate Sonali Mathur.
The Brussel office of Jones Day advised 3B with a team led by Partner Howard Liebman.
According to Business-Standard, Binani Industries has acquired the entire equity interest in 3B from private equity investor Platinum Equity. Binani is one of India’s leading global diversified business houses, with interests in cement, zinc, glass fibre, composites and ready-mix concrete. This is the third such global acquisition of the group in six years. Last year, the group acquired US-based composite maker CPI Inc.
3B is Europe’s leading manufacturer of fibreglass for reinforcement of thermoplastics and thermoset polymer applications, and is a preferred supplier to global leaders in industries, including automotive and wind energy.
Binani will now become a prominent supplier to industries such as automotive, wind energy, electrical, electronics, marine, infrastructure and transportation, primarily in Europe, where approximately 90 percent of 3B’s customers are based.