EPL, the Mumbai-listed maker of laminated tubes, agreed on 29 March to merge with Indovida India, the rigid PET packaging platform of Thailand's Indorama Ventures, in a deal that values EPL at about $1.2bn and gives Indorama 51.8% of the combined company.
Why Indorama Ventures PCL (via Indovida India) is buying EPL Limited
The companies said the merger would create one of the largest emerging-market packaging groups, with about 75% of revenue from emerging markets, synergies in procurement and supply chain, and a 2025 EBIT margin of 13.6% versus 12.4% for EPL alone. Indorama said the deal advanced its IVL 2.0 strategy of deepening its presence in India.
“Combining Indovida with EPL is the logical next step”
Deal terms and financing
Indovida will merge into EPL under a scheme of amalgamation, with the swap ratio based on independent valuations; EPL was valued at Rs339 a share and Indovida at a roughly 35% discount to EPL's multiple. Hemant Bakshi remains group chief executive, and Indovida chief executive Sunil Marwah will report to him.
Regulatory approvals and timing
The scheme is subject to regulatory, shareholder and court approvals and was expected to close within about a year (EPL release, 29 March 2026). Separately, Blackstone affiliate Epsilon Bidco sold its entire 26.38% stake in EPL through bulk deals on 1 September 2026 at an average Rs240.57 a share (PTI via Outlook Business).
Market context
Indorama Ventures first invested in EPL, formerly Essel Propack, in May 2025 with a 24.9% stake. Blackstone affiliate Epsilon Bidco had been EPL's promoter before selling out.
