EPL Limited has agreed to merge with Indovida, a rigid PET packaging platform backed by Indorama Ventures, in a transaction valuing the combined entity at approximately $2 billion, marking a major step in building a scaled, multi-format packaging platform focused on emerging markets.
The deal, announced through an official stock exchange filing and accompanying press release , will combine EPL’s global flexible packaging operations with Indovida’s rigid plastics capabilities, creating a business with roughly $1 billion in revenue and a broader product offering across key consumer and industrial sectors.
Under the terms of the transaction, EPL is valued at around $1.2 billion, equivalent to INR 339 per share, representing a significant premium to its prior trading price, while Indovida is valued at approximately $700 million. Following completion, Indorama Ventures will become the majority shareholder and co-promoter with a 51.8% stake, while Blackstone will retain a 16.6% holding.
The merged company will continue to be led by EPL’s Managing Director and Global CEO Hemant Bakshi, with Indovida CEO Sunil Marwah continuing to lead the Indovida business and reporting into the combined group structure.
Strategically, the transaction is designed to transform EPL from a single-format packaging company into a diversified, multi-format platform with expanded geographic reach across high-growth emerging markets. Approximately 75% of the combined company’s revenue is expected to come from these regions, with enhanced scale, complementary product portfolios, and supply chain efficiencies expected to drive growth and margin expansion.
The merger is also expected to deliver financial benefits, including improved margins and returns, with EBIT margins projected to increase and return on capital employed rising post-transaction. The companies highlighted synergies across procurement, operations, and sustainability initiatives, alongside stronger positioning to serve global and regional customers.
The transaction will be executed through a scheme of amalgamation, with Indovida merging into EPL, which will remain the listed entity. The deal remains subject to shareholder, regulatory, and court approvals and is expected to close within approximately 12 months.
Advisors on the transaction include Goldman Sachs as financial advisor, with multiple legal and valuation firms supporting the deal.
KEY QUOTES:
“This merger represents a defining moment in EPL’s journey. This merger helps transform EPL into a broader multi-format packaging platform with unmatched presence in high-growth emerging markets; focused on innovation for large and emerging brands. The combined capabilities, customer relationships and global footprint position us to become the partner of choice for customers and drive growth across categories and markets. I am excited to welcome the Indovida team to the EPL family and look forward to building an exciting future together.”
Hemant Bakshi, Managing Director & Global CEO, EPL
“Indovida has been built as a customer-centric, operationally strong packaging platform. Our initial minority investment in EPL was reflective of our belief that it is an extremely attractive business with great future potential, globally as well as in India. Combining Indovida with EPL is the logical next step, and enables us to extend that foundation across formats and markets. With our combined scale, supply chain resilience and sustainability capabilities, the merged entity is well positioned to deliver long-term value to customers and shareholders alike. 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.”
Aloke Lohia, Indorama Ventures
“This transaction marks a milestone for the industry. In today’s evolving market environment, scale brings resilience, operational strength, and a greater ability to deliver value to customers. Larger companies are better positioned to navigate the current environment and strengthen their market position.”
Animesh Agrawal, Managing Director At Blackstone And Director On EPL’s Board
