March 31, 2026 17:01

Two Asian plastic packaging producers, EPL and Indovida, are preparing to merge, creating a group valued at USD 2 billion, with pro forma revenue of around USD 1 billion and a strong presence in emerging markets.

The transaction, backed by Thailand’s Indorama group and private equity firm Blackstone, is expected to be completed within 12 months. The merger has already been approved by the two companies’ boards of directors and remains subject to regulatory and shareholder approvals.

EPL, formerly Essel Propack, is a major producer of flexible packaging, particularly tubes for consumer goods and pharmaceutical applications. Part of Blackstone’s portfolio, it is headquartered in India and operates 21 plants across 11 countries, including in Europe. In May last year, Indorama Ventures acquired a 24.9% stake in the company.

Indovida, a division of Indorama Ventures, specialises in rigid PET packaging, particularly preforms and bottles, as well as polyethylene closures, with estimated revenue of USD 700 million. It operates around 20 production sites and employs 2,500 people.

The transaction will be carried out through the merger of Indovida into EPL, which will remain the listed entity. Once the merger is completed, Indorama will hold 51.8% of the new company, while Blackstone will retain a 16.6% stake.
Hemant Bakshi (pictured) will remain CEO of the combined entity, while Sunil Marwah, current CEO of Indovida, will continue to lead the Indovida business, reporting to Bakshi.

The deal is aligned with Indorama Ventures’ long-term strategy to expand and deepen its presence in India, leveraging the country’s structural growth opportunity through an enlarged and integrated packaging platform with access to public markets, the Thai group said. It is also consistent with the broader strategy under the IVL 2.0 programme, aimed at building leadership positions in key markets through focused partnerships and value-accretive investments.

“This transaction marks a milestone for the industry,” said Animesh Agrawal, Managing Director at Blackstone and a member of EPL’s board. “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.”

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