Global alternative asset manager Blackstone on Monday said it is selling a 24.9% stake in specialty packaging and laminated tubes maker EPL to Indorama Netherlands, a subsidiary of Thailand-based Indorama Ventures Global Services (IVGS), for Rs 1,907 crore ($220 million).
Indorama Netherlands will acquire the stake from Blackstone at Rs 240 per share.
Blackstone first acquired a majority stake of over 75% in EPL in 2019 for up to $460 million from Ashok Goel Trust. In September 2020, it sold a 23% stake for $252 million. Following the latest transaction, Blackstone’s holding in EPL stands at about 26.5%.
Shares of EPL Ltd. were down 4% at Rs 228 per share in afternoon trading on Monday.
Founded in 1982, EPL caters to the FMCG and pharma space across countries through 21 manufacturing facilities. Its clientele includes global brands in the oral care, beauty, cosmetics, and pharmaceutical industries.
Its revenue from operations as of December 31, 2024, was Rs 4,137 crore and EBITDA was Rs 806 crore, registering 17% year-on-year growth, the company said in a statement.
“This partnership has resulted in meaningful growth by increasing presence in emerging markets, focusing on sustainable tubes, and increasing our market share in the fast-growing beauty, cosmetics, and pharmaceutical industries,” said Anand Kripalu, Managing Director and Chief Executive Officer of EPL.
On completion, Indorama Ventures will be entitled to appoint one nominee director to the board of EPL.
