India’s competition commission clears Indovida India-EPL merger, creating US$2B packaging platform

INDIA – India’s competition regulator has cleared the merger of Indovida India with EPL, creating a combined packaging group with annual revenue of approximately US$1 billion and a valuation of nearly US$2 billion.

Under the transaction, Indovida India will be absorbed into EPL. 

As the surviving entity after the merger, EPL will issue shares to Indovida India’s shareholders on a proportionate basis as part of the arrangement. 

Indovida India is a recently incorporated company in India and a wholly owned unit of Indorama Netherlands, both part of the group led by Indorama Ventures Public Company and its affiliates. 

The IVL Group has operations spanning fibres, packaging, recycling, and specialty chemicals. 

EPL is an India-based listed company involved in the manufacture and sale of packaging products. The CCI said a detailed order will be issued later.

Complementary Packaging Portfolios

EPL is a global leader in laminated plastic tubes, serving primarily the personal care, oral care, pharmaceutical, and food markets. 

Indovida India focuses on rigid PET packaging, producing preforms, bottles, and containers for beverage and consumer goods sectors. 

The merger combines flexible tube packaging (EPL) with rigid container packaging (Indovida), allowing the merged entity to offer a broader product range to customers. 

For a consumer goods company that uses both tubes (for lotions) and PET bottles (for beverages), the combined group can supply both formats, reducing the number of packaging suppliers and simplifying procurement.

Leadership and Governance

Hemant Bakshi will lead the merged group as group CEO. 

Sunil Marwah will remain in charge of the Indovida business within the combined company and will report to Bakshi. The boards of EPL and Indovida India approved the merger earlier this year, subject to regulatory, court, and shareholder approvals. 

The CCI has now cleared the deal, with a detailed order to be issued later. 

The share exchange ratio determines how EPL shares are allocated to Indovida’s shareholders, with Indorama Ventures emerging as the largest shareholder at 51.8 percent, while Blackstone will hold 16.6 percent.

Strategic Rationale

The merger allows Indorama Ventures to gain a listed Indian packaging platform with a strong position in laminated tubes, while EPL gains access to Indorama’s PET resin supply chain and rigid packaging technology. 

For Blackstone, the deal reduces its stake but retains a significant minority position in a larger, more diversified packaging group. 

The combined entity is better positioned to compete for large-format retail and FMCG contracts that require both flexible and rigid packaging formats.

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