Indorama Ventures Europe (IVE) is set to acquire a minority stake of approximately 24.9% in EPL Limited, a global leader in specialty packaging and laminated tube manufacturing, from private equity firm Blackstone for $220 million. The transaction, valued at ₹240 per share, is anticipated to close in the coming months, pending standard closing conditions and approvals. Following the completion of the deal, Indorama will have the right to appoint a nominee director to EPL’s board.
Anand Kripalu, managing director and CEO of EPL, stated, “This partnership has led to significant growth by enhancing our presence in emerging markets, focusing on sustainable tube solutions, and expanding our market share in the rapidly growing beauty, cosmetics, and pharmaceutical sectors.”
Morgan Stanley served as the exclusive financial advisor to Blackstone, with Trilegal and Simpson Thacher providing legal counsel. Goldman Sachs acted as the exclusive financial advisor for IVE, while Khaitan & Co and Chandhiok & Mahajan were its legal advisors.
In 2019, Blackstone acquired a 75% stake in EPL for $470 million (₹134 per share) from the former promoter Essel Group and public shareholders. Shortly thereafter, Blackstone divested an 8.7% stake in Embassy REIT for approximately $300 million, followed by a significant sale of shares—nearly a quarter of its total holdings—to various institutional investors through block trades in September 2020. Notable buyers included Axis Mutual Fund, IDFC Mutual Fund, Aditya Birla Sun Life Mutual Fund, Nomura, Franklin Templeton Mutual Fund, DSP Mutual Fund, Government Pension Fund Global, and Neuberger Berman. Blackstone sold 72.58 million shares at ₹256.5 each, totaling $252 million.
Founded in 1982, EPL operates 21 facilities across 11 countries and employs over 3,500 people, producing more than eight billion tubes annually. Its clientele includes prominent brands in the oral care, beauty, cosmetics, and pharmaceutical sectors. For the nine months ending December 31, 2024, EPL reported operational revenue of ₹4,137 crore and an EBITDA of ₹806 crore, reflecting a year-on-year growth of approximately 17%. The company aims to enhance its presence in emerging markets while intensifying its focus on the fast-growing beauty, cosmetics, and pharmaceutical segments.
Indorama Ventures boasts a global manufacturing presence across Europe, Africa, the Americas, and Asia Pacific. Its portfolio includes combined PET, fibers, Indovinya, and Indovida, serving sectors such as FMCG, agriculture, lifestyle, and automotive in beverages, hygiene, personal care, tires, and safety. In 2023, the company reported revenues of $15.6 billion.