PAG acquires majority stake in pharma packaging Pravesha

APAC-focused private equity firm PAG has acquired a majority stake in Hyderabad-based pharma packaging company Pravesha Industries at an enterprise value of USD 200 million (about INR 1,700 crore). PAG had recently acquired another packaging company Manjushree Technopack at a valuation of USD 1 Billion.Founded in 1999, Pravesha Industries is into manufacturing of pharma packaging products including plastic bottles, closures, drums, cartons, labels, medication guides and leaflets and operates four units in Hyderabad. About 95% of Pravesha’s packaging products are used in developed markets such as the US and Europe.