M&A

M&A

Blackstone-backed packaging firm EPL to merge with Indorama Group firm Indovida

Business Standard  

Listed packaging company EPL Ltd has agreed to merge with Indovida, a company backed by Thailand's Indorama Ventures. Under the deal, EPL is valued at about USD 1.2 billion, implying a price of 339 Indian rupees per share, while Indovida is valued at approximately USD 700 million.Following the merger, Indorama Ventures will become a co-promoter with a 51.8% stake in the combined company, and private equity firm Blackstone, which backs EPL, will hold about 16.6%.The merged group will integrate EPL's packaging operations with Indovida's plastics portfolio. EPL Chief Executive Hemant Bakshi will serve as the group CEO, and Indovida CEO Sunil Marwah will continue to run the Indovida business. The completion of this transaction is subject to obtaining regulatory, shareholder, and court approvals, and it is expected to close within approximately one year.

In Apr 2019, Blackstone had acquired a majority stake 51% in Essel Propack . In Sep 2020, it sold a part stake via the public markets. In Feb 2025, Blackstone agreed to sell a 24.9% stake to Indorama.For FY25, Essel Propack had reported about INR 1,323 Cr in Operating Income and about INR 210 Cr in PAT.