Asia-focused private equity firm PAG has acquired a majority stake in Pravesha Industries, an Indian pharmaceutical packaging company, according to a statement released on Monday. Although financial details of the transaction were not disclosed, a source familiar with the matter revealed that the deal values Pravesha at an enterprise worth $200 million.
Both PAG and Pravesha declined to comment on the specifics of the valuation.
Nikhil Srivastava, Managing Director and Head of India Private Equity at PAG, emphasized the firm&rsquo;s strategic interest in India&rsquo;s packaging sector. &ldquo;India&rsquo;s packaging sector has been one of our focuses, given its exposure to key themes driven by India&rsquo;s domestic manufacturing, consumer, and industrial sectors,&rdquo; he said.
Founded in 1999, Pravesha Industries produces over 15,000 metric tons of plastic bottles, closures, and drums annually, along with more than two billion units of cartons, labels, and leaflets for major pharmaceutical companies worldwide.
In a related development, PAG also announced that it has signed definitive agreements to invest in Manjushree Technopack Ltd, an Indian rigid plastic packaging company. However, financial details of this investment remain undisclosed.
PAG, which has been investing in India since 2009, currently manages assets exceeding $3 billion in the country. Its Indian portfolio includes Nuvama Wealth Management and Sekhmet Pharmaventures. Globally, PAG manages more than $55 billion across private equity, credit, and other investment strategies, under the leadership of seasoned Chinese dealmaker Shan Weijian.
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Source : Business Standard

Asia-focused private equity firm PAG has acquired a majority stake in Pravesha Industries, an Indian pharmaceutical packaging company, according to a statement released on Monday

PAG Acquires Majority Stake in Indian Pharmaceutical Packaging Firm Pravesha Industries