In a major move in the packaging industry, EPL Limited and Indovida India Private Limited announced a merger deal worth around $2 billion, aiming to create one of the largest consumer packaging companies serving emerging markets. The boards of both companies approved the transaction on March 29, 2026, though the deal still requires final regulatory and shareholder approvals.
The merger will combine EPL’s flexible packaging expertise, including laminated tubes, with Indovida’s strength in rigid PET (polyethylene terephthalate) packaging. The unified company is expected to generate roughly $1 billion in annual revenue, serving sectors such as food, consumer goods, pharmaceuticals, and personal care. The move will allow the combined firm to broaden its product portfolio and market reach, strengthening its position in India and other emerging markets.
Under the terms of the merger, EPL is valued at approximately $1.2 billion and Indovida at about $0.7 billion. Indorama Ventures, the Thailand-based parent company of Indovida, will hold a majority stake of around 51.8 %, while Blackstone, which currently holds the largest stake in EPL, will retain a significant minority share of 16–17 %. The share swap structure also gives EPL shareholders a 70 % premium over EPL’s pre-merger market value, reflecting investor confidence in the company’s growth and strategic fit.
Management of the merged company will see EPL’s Hemant Bakshi, Managing Director and Group CEO, leading the overall organization, while Indovida’s CEO, Sunil Marwah, will continue to run Indovida’s operations and report to Bakshi.
Executives from both companies emphasized that the merger will deliver operational efficiencies, product and technology synergies, and a stronger platform to compete against global packaging rivals.
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