The combined entity will generate $1bn in annual revenue with Indorama Ventures holding a 51.8% stake post-merger.
India’s Competition Commission cleared the merger of Indovida India into EPL, creating a packaging giant with an estimated $2bn valuation. The deal will see EPL issue shares to Indovida’s shareholders proportionately, forming a combined entity with $1bn in annual revenue.
Indorama Ventures, the parent of Indovida India, will own 51.8% of the merged company, while Blackstone-backed EPL will hold 16.6%. The boards of both firms approved the transaction earlier this year, pending regulatory and shareholder nods.
Hemant Bakshi will serve as group CEO, with Sunil Marwah overseeing Indovida’s operations within the new structure. A detailed CCI order is expected later.