Blackstone-backed EPL to merge with Indovida to make $2 billion packaging giant

Essel Propack after its merger with Swiss firm Propack in 1997. Over the next two decades, Essel Propack built a strong international footprint across the Americas, Europe, Asia, and Africa.In 2019, Blackstone invested $460 million to acquire a 75% stake in the company, and renamed it EPL.

The private equity firm subsequently sold a 23% stake in EPL for $252 million in a block deal September 2020. In May 2025, Indorama Ventures acquired 24.9% in EPL, with Blackstone’s stake falling to approximately 26.5%.

Some of its domestic competitors include PAG-backed Manjushree Technopack, Japanese major Huhtamaki Co, and Warburg Pincus backed Parksons Packaging.Indovida is valued at approximately $700 million, representing a 35% discount to the valuation multiple applied to EPL, the company statement said. The swap ratio determining this structure was recommended by independent valuers BDO and Duff & Phelps, with EY providing a "fairness opinion", the press release said.EPL will benefit from Indovida's presence in markets like Nigeria, Tanzania, Ghana and Vietnam—geographies where EPL has no historic presence—said Bakshi, who expects the necessary regulatory approvals within 12 months.Independent experts have valued the EPL business at 12.5 times Ebitda, implying a valuation of $1.2 billion and a share price of ₹339, Bakshi said.

This represents a 70% premium over the current traded price of ₹205. Also, EPL's business is valued at a 55% premium relative to the Indovida business, Bakshi said.Financially, the combination is structured to be accretive to earnings per share from the first day of operations.