Oaktree acquires 60% stake in Cogent Glass
Hyderabad: Oaktree Capital Management, a Los Angeles-based investment firm, has acquired nearly 60 per cent in the city-based Cogent Glass Limited...
Hyderabad: Oaktree Capital Management, a Los Angeles-based investment firm, has acquired nearly 60 per cent in the city-based Cogent Glass Limited which makes packaging products for pharmaceutical industry. Cogent Glass promoted by a group of Indian promoters in 2010 is currently valued at Rs 200 crore. It has a world class plant at Addakal on the city outskirts, which produces high quality moulded type 1 glass vials as well as tubular glass vials besides ampoules for the pharma sector. "The plant is equipped with leading-edge technology and equipment and has become the first in the world to successfully produce both moulded glass vials and tube from a single furnace. The plant is also vertically integrated with the latest-generation automated converting equipment to convert the tube into vials and ampoules," Cogent said in a release. Oaktree Capital Management, which manages over $80 billion in assets, has several investments in packaging industry across the world. Jean Rollier, of Oaktree, has been appointed non-executive chairman of the board of Cogent Glass.