Brookfield?s (Brookfield Corporation (TSX:BN)) private equity division is in active discussions with Blackstone Inc. (NYSE:BX), the world?s largest alternative asset manager to buy into PGP Glass Private Limited, formerly Piramal Glass. The Canadian asset management giant is competing with US firm Platinum Equity Partners (Platinum Equity, LLC), a relatively unknown entity in India so far. These two are the only contenders in fray after TPG Capital opted out of the race but the former is believed to be more aggressive as of now, said people in the know.

The binding bids are in the next few weeks. The deal contours are also believed to have changed as the negotiations have progressed, the people mentioned above added. The auction process - that had earlier seen interests from a variety of PE marques like GIC of Singapore, PAG, Alpha Wave, Apollo Global Management among others in earlier rounds ?

was initially for a minimum 50% stake in the company along with joint control as Blackstone the current owners of the company was looking to part sell and unlock value from their 3 year old investment, said people familiar with the matter. However, the PE suitors are now more inclined on a controlling stake of around 65%-75% with Blackstone owning the rest. Depending on the final valuation, Blackstone may agree to that but this the exact quantum of stake on offer is still being negotiated.

?Its easier for one person rather than two to drive a company and create value in the process. Blackstone will get to enjoy the upside too. They are already in money,?

said an official in the know on condition of anonymity as the talks are in private domain. ET on 25th February had reported about that at least 5 PE funds are circling around the company. Blackstone, Brookfield declined to comment, Mails sent to Platinum did not receive any response till press time.

MoneyControl earlier reported that Blackstone may be open to selling a controlling stake in the company.