EPL Limited, a worldwide frontrunner in flexible packaging, announced that it has executed definitive agreements with Indovida India Private Limited for a merger.

EPL receives support from Blackstone, whereas Indovida, a prominent global rigid PET packaging platform, is supported by Indorama Ventures.

"The merged platform will be valued at $2 billion, with EPL at $1.2 billion (70 percent more than its Friday closing price) and Indovida at $0.7 billion," the company says.

The merger will create a more robust platform by merging the packaging portfolio and capabilities, increasing global reach, and improving the target market size, growth possibilities, and financial indicators, as per reports.

"This signifies a crucial transition in EPL’s development from a leader in single-format flexible packaging to a large-scale, multi-format packaging platform, specifically designed to cater to global and regional clients in high-growth emerging markets," it mentioned.

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The combined entity will rank among the top packaging firms focused on emerging markets, generating $1 billion in revenue, while taking advantage of EPL and Indovida’s premier standings in these markets. A minimum of 75 percent of the revenue for the combined company comes from emerging markets. A supportive geographical presence will boost greater growth.

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"This merger represents a defining moment in EPL’s journey and helps transform EPL into a broader multi-format packaging platform with unmatched presence in high-growth emerging markets, focused on innovation for large and emerging brands," Hemant Bakshi, managing director and global chief executive officer, EPL says.

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"Indovida has been built as a customer-centric, operationally strong packaging platform. Our initial minority investment in EPL was reflective of our belief that it is an extremely attractive business with great future potential, globally as well as in India. Combining Indovida with EPL is the logical next step, and enables us to extend that foundation across formats and markets. With our combined scale, supply chain resilience and sustainability capabilities, the merged entity is well positioned to deliver long-term value to customers and shareholders alike," says Aloke Lohia, group chief executive, Indorama Ventures.