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Essel Propack (EPL) and Indovida India agreed to a merger, to be approved by regulators and shareholders, with Indorama Ventures to own 51.8% of the combined company. The combined platform is valued at about $2 billion, and completion is expected within 12 months. The deal value is not disclosed.
Indorama Ventures agreed to acquire a 24.9% minority stake in Essel Propack from Blackstone funds for $220 million at INR 240 per share. The deal is pending customary approvals.
Amcor Flexibles' Indian subsidiary is set to acquire Essel Propack's 100% owned Packaging India Pvt. Ltd, a flexible packaging maker with plants in Tamil Nadu and Uttarakhand, for full cash consideration with an enterprise value of Rs 165 crores.
India's Competition Commission approved Epsilon Bidco's acquisition of up to 75% of packaging maker Essel Propack Limited by order dated 3 June 2019.
Epsilon Bidco, an affiliate of Blackstone funds, agreed via a share purchase agreement and mandatory open offer to acquire up to 75% of Essel Propack Limited, signed April 22, 2019 and approved by India's CCI on June 3, 2019.
Blackstone agreed to buy a 51% stake in Essel Propack, an Indian laminated tubes and specialty packaging maker, from Ashok Goel Trust for up to $460 million, with a mandatory open offer for a further 26%.
Essel Propack has inaugurated its first greenfield unit in Kamrup, Assam, with capacity of 275 million laminated tubes annually. Phase-I investment is ₹82 crore and it will employ about 150 people.
Amcor and Huhtamaki are reportedly in preliminary talks with the promoters of Essel Propack to acquire a controlling stake in the Indian laminated tube maker. Morgan Stanley is handling the sale, according to unconfirmed reports.
