New Delhi, March 30 -- Mumbai-listed EPL Ltd, one of the world's biggest manufacturers of laminated tubes, has agreed to merge with Indovida, a plastics packaging company backed by Thailand's Indorama Ventures, to create an emerging markets-focused packaging company.
The merged entity will have total revenue of over $1 billion (approximately Rs 9,436 crore) and command a valuation of $2 billion, according to a media statement.
The deal values EPL, which counts private equity firm Blackstone as an investor, around $1.2 billion. Indovida is valued around $700 million. The transaction values EPL's shares at Rs 399 apiece, a 70% premium to their closing price on Friday. EPL will continue as the listed entity, the statement said.
Inodrama Ventures will become a co-promoter of the merged company with 51.8% ownership, while Blackstone will have 16.6% stake in the combined entity. The PE firm owned a 26.38% stake in EPL at the end of December 2025.
The deal comes a year after Blackstone sold a 24.9% stake in EPL to Indorama for about $220 million. The PE firm had acquired a controlling stake in EPL in 2019.
The merged entity will derive 75% of its revenue from emerging markets based on the presence that both companies boast of in these markets.
EPL managing director and global chief executive officer Hemant Bakshi will lead the merged entity and remain group CEO. Bakshi said the merger will help transform EPL into a broader multi-format packaging platform with "unmatched presence" in high-growth emerging markets. Indovida CEO Sunil Marwah will continue to lead the firm's business and report to Bakshi, the statement added.
"The merger also meaningfully advances Indorama Ventures' strategic objective of deepening its presence in India, strengthening our downstream packaging footprint and reinforcing India as a key growth market within our global portfolio," said Aloke Lohia, founder and CEO Indorama Ventures.
The transaction is likely to conclude in the next one-two months, subject to regulatory and legal approvals.
Goldman Sachs acted as a financial advisor on the transaction. Trilegal acted as legal counsel to EPL. Khaitan & Co. and Chandhiok & Mahajan were legal counsels to Indovida.
Published by HT Digital Content Services with permission from VC Circle.