India’s competition regulator clears Indovida India-EPL merger

The Competition Commission of India (CCI) has approved the merger of Indovida India with and into EPL.

Under the transaction, Indovida India volition beryllium absorbed into EPL.

As the surviving entity aft the merger, EPL volition contented shares to Indovida India’s shareholders connected a proportionate ground arsenic portion of the arrangement.

Indovida India is simply a precocious incorporated institution successful India and a wholly owned portion of Indorama Netherlands.

Both Indovida India and Indorama Netherlands are portion of the radical led by Indorama Ventures Public Company (IVL) and its affiliates.

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

EPL is an India-based listed institution progressive successful the manufacture and merchantability of packaging products.

The CCI said a elaborate bid volition beryllium issued later.

Earlier this year, the boards of EPL and Indovida India approved the merger, taxable to regulatory, tribunal and shareholder approvals.

The combined radical is expected to grounds yearly gross of astir $1bn and person a valuation of astir $2bn.

Indovida India is supported by Indorama Ventures, which volition ain a 51.8% involvement of the merged entity, portion EPL is backed by Blackstone, which volition clasp 16.6%.

Hemant Bakshi volition pb the merged radical arsenic radical CEO. Sunil Marwah volition stay successful complaint of the Indovida concern wrong the combined institution and volition study to Bakshi.

Separately, earlier this year, Indorama Ventures, Nigerian Breweries and Genesis Power & Energy Solutions agreed to found a large-scale recycled polyethylene terephthalate installation successful Lagos, Nigeria.

"India’s contention regulator clears Indovida India-EPL merger" was primitively created and published by Packaging Gateway, a GlobalData owned brand.

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