ET NEWS

Voltas expects a double-digit revenue growth in its ‍room air conditioner business this ​summer, betting on first-time buyers to lead a rebound in ⁠demand after a subdued season last year, according to a senior company executive.Industry estimates show only a tenth of Indian households own an AC, compared to two-thirds in China ‌and one-third ‌in Thailand, even as the world's most populous country frequently grapples with heat waves."Research shows 85% of ‌buyers are first-time buyers," Jayant Balan, who heads Voltas' room AC business, told Reuters in an interview on Wednesday, adding the category's revenue will grow in the double-digit percentage range in the April-June quarter.Revenue from Voltas' business group that ​sells room ACs and accounts for two-thirds of ​overall revenue slumped 25% in April-June 2025 due to early monsoon showers ‌and milder ‍summer temperatures. The firm booked 154.13 billion rupees ($1.7 billion) ‍in total revenue in 2024-25.Voltas, India's AC market leader with ‌nearly an 18% share, competes with local rival Blue Star, Japan's Daikin Industries and South Korea's LG Electronics.ACs are likely to get more expensive this year despite September's consumption tax cuts, as Voltas has raised prices after new energy-efficiency norms took effect, and as soaring copper and silver prices lift input costs.Further commodity inflation could trigger additional price ‍increases, Balan said.U.S. President Donald Trump announced a trade deal with India on Monday to cut tariffs to 18% from ‍50% in exchange ⁠for New Delhi ⁠halting Russian oil purchases and lowering trade barriers, including on U.S. industrial goods.It came days after India's trade deal with the European Union, opening the door to freer trade with its 27 members.Balan dismissed concerns over new entrants, saying Voltas already contends with more cost-competitive rivals.Voltas is also looking to quickly expand its small export footprint, with its research and development teams developing products for overseas markets, as Europe increasingly adopts ACs.

Blackstone has appointed Axis Capital, Bank of America and HSBC as lead bankers for the proposed initial public offering of PGP Glass, formerly Piramal Glass, sources familiar with the matter told The Economic Times.PGP Glass, which is fully owned by Blackstone, is expected to raise about $400 million to $500 million through the public listing, the sources said. Bloomberg reported last month that Blackstone was considering an IPO at a valuation of around $4 billion.Blackstone spokesperson declined to comment.Blackstone acquired Piramal Glass from the Ajay Piramal family in 2020 at a valuation of about $800 million. The transaction was advised by Axis Capital and Bank of America.PGP Glass Private Limited is a global specialist in design, production, and decoration of glass packaging, providing glass packaging solutions for customers in the Cosmetics & Perfumery, Food & Specialty Spirits, and Pharmaceuticals industries.It has presence in India and Sri Lanka with an overall capacity of 1,720 tonnes per day, with 12 furnaces and 70 production lines. It has offices and warehousing facilities in France, Germany, Turkey, Spain, Brazil, India, the UAE, UK, and Sri Lanka. PGP Glass serves customers in over 50 countries around the world, according to the company website. About 77% of its sales come from high end cosmetics and specialty spirits.Incorporated in 1974, Piramal Glass (formerly Gujarat Glass) was acquired by the Piramal Group in 1984. In 1990, it was merged with Piramal Healthcare Limited (PHL, erstwhile Nicholas Piramal India Limited), and in 1998, the glass division was spun off to a subsidiary. Subsequently, private equity (PE) investors picked up 46% stake in this subsidiary. After restructuring operations, in July 2003, PHL divested its 54% holding in Gujarat Glass to a new subsidiary, Kojam Fininvest, which was subsequently listed. This was followed by the merger of Kojam Fininvest into Gujarat Glass and the merged entity was later relisted as Piramal Glass Limited. It was delisted from both stock exchanges effective from July 2014.