Blackstone sells 24.9% stake in India’s EPL to Indorama Ventures for USD 220M 

INDIA – Global asset manager Blackstone has agreed to sell a 24.9% stake in EPL, a leading Indian specialty packaging manufacturer, to Indorama Netherlands, a subsidiary of Thailand-based Indorama Ventures (IVL), for approximately Rs19.07 billion (USD 220 million).

The transaction, priced at Rs240(USD 2.90) per share, is part of Blackstone’s broader strategy to offload its holdings in EPL gradually.

This marks another major divestment by Blackstone, which first acquired a controlling stake in 2019 when it purchased over 75% of EPL from Ashok Goel Trust in a deal worth up to USD 460 million. 

In September 2020, Blackstone sold a 23% stake for USD 252 million, and following this latest sale, its ownership in EPL will be reduced to approximately 26.5%. 

Founded in 1982, EPL has established itself as a significant player in the packaging industry, catering to major brands in the fast-moving consumer goods (FMCG) and pharmaceutical sectors.

The company operates 21 manufacturing facilities worldwide and supplies oral care, beauty, cosmetics, and pharmaceutical packaging solutions to top global brands.

With this acquisition, Indorama Ventures will gain the right to nominate a director to EPL’s board, further strengthening its strategic influence within the company.

Amit Dixit, Head of Blackstone Asia Private Equity, reflected on EPL’s growth under its ownership, “Over the last few years, alongside CEO Anand Kripalu and the management team, we have transformed EPL into one of the fastest-growing packaging companies globally.”

“EPL is now a leader in sustainable packaging, supplying some of the world’s top brands. We are excited to welcome IVL as an investor in EPL.”

The deal underscores the growing investor interest in sustainable packaging solutions, with Indorama Ventures positioning itself to leverage EPL’s expertise and market reach.

As global demand for eco-friendly and high-performance packaging continues to rise, the acquisition aligns with IVL’s strategic expansion in the sector.

Upon completion, this investment will further integrate EPL into Indorama Ventures’ global packaging portfolio, potentially driving innovation and sustainability in packaging solutions across multiple industries.

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