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York-based Graham buying Mumbai firm

York, Pa.-based Graham Packaging Co. L.P. reached an agreement today to acquire minority ownership in PPI Blowpack Pvt. Ltd., a leading privately held container manufacturing company based in Mumbai, India. The finalized agreement is expected to be signed in March.

York, Pa.-based Graham Packaging Co. L.P. reached an agreement today to acquire minority ownership in PPI Blowpack Pvt. Ltd., a leading privately held container manufacturing company based in Mumbai, India. The finalized agreement is expected to be signed in March.

A Graham spokesman said that no terms were being released.

"We have a large market share in Europe and South America, and this represents a logical next step into another dynamic, high-growth market," said Ashok Sudan, Graham Packaging's executive vice president and general manager.

PPI Blowpack makes rigid plastic containers for food, pharmaceutical, chemical and other uses.

Graham Packaging designs and makes more than 20 billion molded plastic containers for food and beverage, household, personal care/specialty, and automotive lubricant products a year. Graham's 2007 sales were $2.49 billion.

Also, an equity purchase agreement involving Graham and Hicks Acquisition Co. I Inc., a Dallas-based special purpose acquisition company, has been extended through the end of March. Graham, which is now majority-owned by the Blackstone Group of New York, would become a publicly traded company.