EPL Indovida merger to create USD 1 billion revenue packaging group valued at USD 2 billion

EPL Ltd and Indovida India Pvt Ltd announced a merger to create a packaging group. The combined business is expected to have about USD 1 billion revenue. The deal values the merged entity at USD 2 billion. EPL is backed by Blackstone, while Indovida is backed by Indorama Ventures.

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EPL said the companies signed definitive merger agreements, as per a regulatory filing. Boards of both firms have cleared the proposal. The transaction still needs regulatory and shareholder approvals. The merger aims to combine flexible and rigid PET packaging strengths under one platform.

EPL Ltd Indovida merger deal and valuation

The filing said the merged platform will be valued at USD 2 billion in total. EPL is valued at USD 1.2 billion under the deal terms. Indovida is valued at USD 0.7 billion. EPL said the combined company will focus on emerging markets and scale across packaging formats.

EPL said the merger should widen the product portfolio and capabilities. The company also expects broader global access after the combination. It said the deal should increase the addressable market size and growth potential. EPL added that financial metrics are expected to improve through the combined platform.

EPL Ltd Indovida merger stake split and promoters

Based on the valuation work and the swap ratio from independent valuers, Indorama Ventures will become a promoter. Indorama Ventures will hold 51.8 per cent in the merged entity. Blackstone will own a 16.6 per cent stake. In May 2025, Indorama Ventures bought a 24.9 per cent stake in EPL.

EPL Ltd Indovida merger leadership and management roles

EPL Managing Director & Global CEO Hemant Bakshi said, "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,\". Bakshi also said, \"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,\".

Under the agreed structure, Bakshi will stay as Group CEO and lead the merged entity. Sunil Marwah, CEO of Indovida, will keep leading the Indovida business. Sunil Marwah will report to Bakshi. EPL said this set-up is meant to keep continuity while integrating operations.

EPL Ltd Indovida merger comments from Indorama Ventures and Blackstone

Aloke Lohia of Indorama Ventures said, \"Indovida has been built as a customer-centric, operationally strong packaging platform.\" Aloke Lohia also said, \"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.\" Aloke Lohia added that combining Indovida and EPL is the next step.

Animesh Agrawal, Managing Director at Blackstone and a Director on EPLs Board, said, \"This merger creates a leading emerging markets platform with a strong competitive position and significant growth potential, both organic and inorganic.\" EPL said the deal moves EPL from a single-format flexible packaging leader. EPL added it becomes a scaled, multi-format packaging platform for global and regional customers.

With inputs from PTI