Indorama Ventures Public Company Limited (SET: IVL) announced a landmark resolution from its Board of Directors to merge its indirect wholly owned subsidiary, Indovida India Private Limited, with EPL Limited, a leading global specialty packaging company. This transaction, valued at approximately INR 62,558 million (roughly THB 23,778.31 million), represents one of the largest M&A moves in the Indian packaging sector.
Under the approved structure, Indovida will merge into EPL, with EPL serving as the continuing listed entity. In consideration for the merger, shareholders of Indovida will receive 286 equity shares of EPL for every 10,000 shares held in Indovida. Upon completion, IVL will become the majority owner and “Promoter,” holding approximately 51.80% of the merged entity. The remaining shares will be held by the Blackstone Group (16.6%) and public shareholders (31.6%).
The total value of the Transaction is approximately INR 62,558 million (equivalent to approximately Thai Baht 23,778.31 million).
The leadership team will combine the expertise of both organizations. Mr. Hemant Bakshi will serve as the Managing Director and Global CEO of the combined platform, while Mr. Sunil Marwah, the current CEO of Indovida, will continue to lead the Indovida business unit.
The primary driver behind the merger is the creation of a multi-format packaging leader focused on high-growth emerging markets. By combining EPL’s excellence in flexible packaging (specialty laminated plastic tubes) with Indovida’s capabilities in rigid packaging (PET preforms, bottles, and closures), the new entity will offer end-to-end solutions to a marquee global customer base.
This synergy allows the combined company to better serve the Fast-Moving Consumer Goods (FMCG) and pharmaceutical sectors. The merger aligns with IVL’s broader strategy to expand its downstream packaging footprint and solidify its presence in India—a market identified as having significant growth headroom due to having one of the lowest per capita packaging consumption rates globally.
The merged entity is expected to be a global powerhouse with approximately USD 1 billion in revenue and an EBITDA margin exceeding 20%. Financially, the transaction is designed to be cash-neutral and is projected to be EPS accretive from the first full year of operations. Furthermore, the deal is expected to improve IVL’s overall return metrics, including a projected 50–55 basis point increase in Return on Capital Employed (RoCE).
The completion of the merger is subject to customary regulatory approvals in India, including those from the Securities and Exchange Board of India (SEBI) and the Competition Commission of India (CCI), as well as approval from shareholders and creditors. The transaction is expected to close within 12 months. This consolidation positions IVL and the new merged entity to capitalize on emerging markets that are currently growing at approximately twice the rate of developed economies.
