Asia-focused private equity firm PAG said on Monday that it has acquired a majority stake in Indian pharmaceutical packaging company Pravesha Industries, according to a statement.
Financial details were not disclosed in the statement. A source with knowledge of the matter said the deal gave Pravesha an enterprise value of $200 million.
PAG and Pravesha declined to comment.
“India’s packaging sector has been one of our focuses, given its exposure to key themes driven by India’s domestic manufacturing, consumer and industrial sectors,” Nikhil Srivastava, managing director and head of India private equity, PAG‘s partner, said in the statement.
Founded in 1999, Pravesha produces over 15,000 metric tons of plastic bottles, closures and drums and more than two billion units of cartons, labels and leaflets annually for some of the world’s largest pharmaceutical companies, the statement showed.
Meanwhile, PAG said it has also signed definitive documents to invest in an Indian rigid plastic packaging company, Manjushree Technopack Ltd, without disclosing financial details.
PAG has been investing in India since 2009 and currently manages over $3 billion in assets in the country, counting Nuvama Wealth Management and Sekhmet Pharmaventures among its investments there, the statement showed.
PAG, whose private equity arm is led by seasoned Chinese dealmaker Shan Weijian, manages more than $55 billion in capital ranging from private equity to credit, according to its website.
Reuters
