# EPL to merge with Indorama-backed Indovida in $2B packaging deal

Indian packaging company EPL agreed to merge with Indovida, the rigid packaging venture of Indorama Ventures, in a share-swap deal valuing the combined business at about $2 billion. Indorama will hold 51.8% of the combined company and Blackstone about 16.6%.

- Type: Acquisition
- Announced: 2026-03-29
- Where: Mumbai, India
- Value: $2.00B
- Status: announced
- Capacity: annual sales of about $1 billion
- Products: packaging, plastics
- Sectors: [Packaging](https://endata.com/sectors/packaging.md), [Plastics and Polymers](https://endata.com/sectors/plastics-polymers.md)

## Companies

- [Blackstone Group](https://endata.com/companies/2364.md) (investor)
- [Blackstone Group](https://endata.com/companies/2364.md) (partner)
- [Indorama Ventures](https://endata.com/companies/3457.md) (investor)
- [Indorama Ventures](https://endata.com/companies/3457.md) (partner)
- [EPL Limited](https://endata.com/companies/7227.md) (acquirer)
- [EPL Limited](https://endata.com/companies/7227.md) (partner)
- [Indovida](https://endata.com/companies/14129.md) (partner)
- [Indovida](https://endata.com/companies/14129.md) (target)
- [Indovida India](https://endata.com/companies/14130.md) (partner)
- [Indovida India](https://endata.com/companies/14130.md) (target)

## Sources

- [marketscreener.com](https://www.marketscreener.com/news/india-s-epl-to-merge-with-indorama-backed-indovida-in-2-billion-packaging-deal-ce7e51d8df8df721), 2026-03-29: "The merged group will combine EPL's packaging operations with Indovida's plastics portfolio."
- [livemint.com](https://www.livemint.com/companies/news/blackstone-backed-epl-to-merge-with-indovida-to-make-2-billion-packaging-giant-indorama-essel-propack-11774791904567.html), 2026-03-29: "Blackstone-backed EPL on Sunday informed exchanges that it has signed definitive agreements with Indorama's rigid packaging venture Indovida India Pvt. Ltd for a merger through a share swap."
- [polimericanews.com](https://www.polimericanews.com/articolo.asp?id=794), 2026-03-31: "The transaction, backed by Thailand’s Indorama group and private equity firm Blackstone, is expected to be completed within 12 months."
- [packaging-journal.de](https://packaging-journal.de/epl-und-indovida-fusionieren/), 2026-04-01: "Die Transaktion wurde von den Vorständen beider Unternehmen genehmigt und wartet nun auf die Zustimmung der Regulierungsbehörden und Aktionäre."
- [barandbench.com](https://www.barandbench.com/law-firms/dealstreet/khaitan-co-acts-on-blackstone-backed-epl-indovida-packaging-merger), 2026-04-02: "Blackstone-backed EPL Limited and Indorama Ventures' Indovida India Private Limited have signed definitive agreements for a merger to form a packaging platform valued at $2 billion."
- [packaginginsights.com](https://www.packaginginsights.com/news/merger-epl-indovida-packaging-indorama.html), 2026-04-02: "EPL, a flexible packaging solution provider backed by Blackstone, and Indovida, Indorama Ventures' rigid packaging division, have signed definitive agreements for a merger."
- [livemint.com](https://www.livemint.com/market/mark-to-market/blackstonebacked-epl-new-growth-avenue-indovida-merger-toothpaste-tubes-rigid-packaging-revenue-synergies-11775194979350.html), 2026-04-03: "EPL Ltd's recently announced merger with Indovida is not just another expansion, but a shift in the business model."
- [freepressjournal.in](https://www.freepressjournal.in/business/epl-announces-indovida-merger-to-create-8300-crore-packaging-leader-in-emerging-markets), 2026-04-08: "The transaction was approved by the board on March 29, 2026, and is structured as a share swap, keeping it cash neutral."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.