EPL Limited has informed the Exchange regarding a press release dated March 29, 2026, titled "EPL and Indovida to Merge, Creating a Consumer Packaging Leader for Emerging Markets.".
EPL · price
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EPL Limited and Indovida India Private Limited have signed definitive agreements to merge, creating a $1 billion revenue packaging entity with a combined valuation of ~$2 billion. EPL is valued at INR 339 per share, a 70% premium to its Friday closing price, while Indovida is valued at ~$0.7 billion (a ~35% discount to EPL's multiple). Indorama Ventures will become co-promoter of the merged entity with a 51.8% stake, while Blackstone will hold 16.6%. The merger is expected to be EPS accretive from Day 1, with EBIT margin expanding from 12.4% to 13.6% and RoCE improving from 18.7% to 20.9%. Hemant Bakshi will continue as Group CEO, and the transaction will be implemented through a scheme of amalgamation.
The merger materially expands EPL's scale and emerging markets footprint by combining flexible packaging (EPL) with rigid PET packaging (Indovida). The 70% premium valuation and improved margin/RoCE profile should be received positively by the market, though the deal is subject to NCLT, shareholder, and regulatory approvals with closure expected in ~12 months.