New Delhi, March 29 EPL Ltd, a global leader in flexible packaging solutions backed by Blackstone, and Indovida India Pvt Ltd, a rigid PET packaging platform, announced a merger deal on Sunday to form a USD 1 billion revenue entity with a combined valuation of USD 2 billion.
EPL and Indovida India Pvt Ltd (Indovida), one of the leading global rigid PET packaging platforms backed by Indorama Ventures, have signed definitive agreements for a merger, EPL Ltd said in a regulatory filing.
The merger has been approved by the boards of directors of the respective companies and is subject to regulatory and shareholder approvals, it added.
The merger will establish a stronger platform by combining the packaging portfolio and capabilities, expanding global access, and enhancing the addressable market size, growth potential, and financial metrics, it said.
"The combined platform will have a valuation of USD 2 billion, with EPL being valued at USD 1.2 billion and Indovida being valued at USD 0.7 billion," the filing said.
The merged entity will be one of the leading emerging markets-focused packaging companies with USD 1 billion of revenue, it added.
Based on the valuation analysis and the swap ratio recommended by the independent valuers, Indorama Ventures will emerge as a promoter of the merged entity, holding 51.8 per cent stake in the merged entity. Blackstone will own a 16.6 per cent stake in the merged entity.
In May 2025, Indorama Ventures had made a financial investment of 24.9 per cent stake in EPL, it 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," EPL Managing Director & Global CEO, Hemant Bakshi, 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, he added.
As per the merger deal, Bakshi will remain the Group CEO and will lead the merged entity. Sunil Marwah, CEO of Indovida, will continue to lead the Indovida business and report to Bakshi.
Aloke Lohia of Indorama Ventures said Indovida has been built as a customer-centric, operationally strong packaging platform.
"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. Combining Indovida with EPL is the logical next step, and enables us to extend that foundation across formats and markets," he added.
Animesh Agrawal, Managing Director at Blackstone and a Director on EPL's Board, said, "This merger creates a leading emerging markets platform with a strong competitive position and significant growth potential, both organic and inorganic."
The merger marks a pivotal step in EPL's evolution from a single-format flexible packaging leader to a scaled, multi-format packaging platform, purpose-built to serve global and regional customers across high-growth emerging markets, the company said.