EPL Limited (EPL), a global player in flexible packaging solutions backed by Blackstone, has signed definitive agreements to merge with Indovida India Private Limited, a global rigid PET packaging platform backed by Indorama Ventures. The boards of both companies have approved the merger, which is now subject to regulatory and shareholder approvals. Once completed, the transaction will combine the strengths of both companies, creating a scaled, multi-format packaging platform with enhanced global reach, a broader product portfolio, and stronger growth prospects.
Combined Entity to Create a $2 Billion Packaging Platform
The merged company will have an estimated valuation of approximately $2 billion. Under the agreement, EPL is valued at around $1.2 billion, representing a 70% premium to its previous closing price, while Indovida is valued at approximately $0.7 billion. This merger represents a major strategic milestone for EPL as it transitions from a single-format flexible packaging specialist into a diversified, multi-format packaging company designed to serve global and regional customers across high-growth emerging markets.
Indorama Ventures Strengthens Its Presence in India
For Indorama Ventures, the transaction aligns with its long-term strategy to expand its presence in India and strengthen its downstream packaging capabilities. The merger also supports the company’s IVL 2.0 strategy, which focuses on building leadership positions in key markets through partnerships, strategic investments, and value creation initiatives. Moreover, by combining operations with EPL, Indorama Ventures will leverage India’s strong structural growth opportunities and expand access to public capital markets.
Leadership Highlights Strategic Transformation
Hemant Bakshi, Managing Director and Global CEO, EPL, described the merger as a transformative step for the company. “This merger represents a defining moment in EPL’s journey. It transforms EPL into a broader multi-format packaging platform with a strong presence in high-growth emerging markets. By combining capabilities, customer relationships, and global reach, we are well positioned to become a partner of choice for brands worldwide,” he said. He also expressed enthusiasm about welcoming the Indovida team and building the company’s next phase of growth together.
Indorama Ventures Emphasises Long-Term Value Creation
Aloke Lohia, Group CEO, Indorama Ventures, highlighted the strategic logic behind the merger. “Indovida has been built as a customer-centric and operationally strong packaging platform. Our initial investment in EPL reflected our belief in its strong global potential. By combining Indovida with EPL, we are extending this foundation across packaging formats and markets,” he said. Lohia added that the merger will strengthen supply chain resilience, enhance sustainability capabilities, and support Indorama Ventures’ strategic objective of expanding its footprint in India, which remains a key growth market for the group.
Industry Perspective on the Transaction
Animesh Agrawal, Managing Director at Blackstone and a Director on EPL’s Board, noted that scale has become increasingly important in the packaging sector. “In today’s evolving market environment, larger companies benefit from greater resilience and operational strength. Scale enables companies to better serve customers and strengthen their market position,” he said. The merger is expected to be completed within approximately 12 months, subject to customary shareholder, regulatory, and court approvals.
Creating a Strong Emerging Markets Packaging Leader
As per the press release, the merger will create a powerful packaging platform with strong competitive positioning and significant growth opportunities, both organically and through acquisitions. By combining flexible and rigid packaging capabilities, the new entity aims to deliver innovation, scale, and long-term value for customers and shareholders worldwide.
