EPL Limited, a global leader in flexible packaging solutions backed by Blackstone Inc., has announced a merger with Indovida India Private Limited, a rigid PET packaging platform backed by Indorama Ventures Public Company Limited. The companies have signed definitive agreements to combine their businesses, forming a leading consumer packaging platform focused on emerging markets.
The merged entity will have an estimated revenue of around $1 billion and a combined valuation of approximately $2 billion. EPL is valued at about $1.2 billion—representing a 70% premium to its previous closing price—while Indovida is valued at around $0.7 billion, at a roughly 35% discount to EPL’s valuation multiple.
Following the merger, Indorama Ventures will become the co-promoter with a 51.8% stake in the combined entity, while Blackstone will hold a 16.6% stake. The transaction, approved by the respective boards, will be implemented through a scheme of amalgamation, under which Indovida will merge into EPL, with EPL continuing as the listed entity. The deal remains subject to regulatory, shareholder, and court approvals and is expected to close within the next 12 months.
Strategically, the merger marks a significant transformation for EPL, expanding it from a flexible packaging specialist into a multi-format packaging platform. The combined entity will benefit from complementary product offerings, expanded geographic reach, and enhanced access to high-growth emerging markets, which are expected to contribute nearly 75% of revenues.
The merger is also expected to deliver operational synergies through improved procurement, supply chain efficiencies, and sustainability initiatives. Financially, the combined entity is projected to see margin expansion, with EBIT margins rising from 12.4% for EPL to 13.6% post-merger, alongside improved return on capital employed (RoCE), expected to increase from 18.7% to 20.9%.
Hemant Bakshi, Managing Director and Global CEO of EPL, will continue to lead the merged entity, while Sunil Marwah, CEO of Indovida, will continue to head the Indovida business and report to Bakshi.
Commenting on the development, Bakshi described the merger as a “defining moment” in EPL’s evolution, highlighting its potential to create a broader, innovation-driven packaging platform with a strong presence across emerging markets.
Aloke Lohia of Indorama Ventures emphasized that the merger aligns with the group’s strategy to deepen its presence in India and expand its integrated packaging footprint globally.
Meanwhile, Animesh Agrawal of Blackstone noted that the transaction reflects the growing importance of scale in the packaging industry, enabling companies to enhance resilience and deliver greater value to customers.
The merger represents a pivotal step in building a globally competitive packaging platform, positioning the combined entity for sustained growth and long-term value creation across emerging markets.