PAG to Acquire Manjushree Technopack in ₹8,400 Crore Deal.

Asia-Pacific-focused alternative investment firm PAG is set to acquire a majority stake in Manjushree Technopack, India’s largest rigid plastic packaging solutions provider, in a ₹8,400 crore ($1 billion) deal.

The transaction involves the exit of US-based private equity firm Advent International, which currently holds a 97% stake in Manjushree. The remaining 3% is owned by public shareholders. The acquisition marks PAG’s largest investment in India and its third global $1 billion transaction this year, according to sources familiar with the matter.

Advent had previously filed for a ₹3,000 crore initial public offering (IPO) for Manjushree Technopack, receiving final regulatory approval from SEBI earlier this month. However, the IPO plans are now on hold following PAG’s deal.

Since establishing its Indian office in 2019 under the leadership of Nikhil Srivastava, PAG has deployed over $1.7 billion in the country, managing over $3 billion across various sectors. Manjushree becomes PAG’s seventh private equity investment in India, joining a portfolio that includes Nuvama Wealth Management and Acme Formulations.

Founded in 1978, Manjushree Technopack is a leader in manufacturing jars, bottles, multilayer containers, PET hot-fillable bottles, and pre-forms for industries such as food, beverages, pharmaceuticals, cosmetics, and chemicals. The company operates 20 manufacturing facilities nationwide, serving major clients like Hindustan Coca-Cola Beverages, Dabur, P&G, PepsiCo India, and Bisleri.

Manjushree reported ₹2,130 crore in revenue for FY24, up from ₹1,474 crore in FY22, with an annual production capacity exceeding 1.9 lakh tonnes.

PAG, managing over $55 billion in capital globally, views this acquisition as a strategic step to deepen its presence in India’s growing packaging industry and further diversify its private equity portfolio across Asia.

HBL