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PAG acquires majority stake in Manjushree Technopack for $1bn
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Friday, 29 November, 2024, 13 : 00 PM [IST]
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Hong Kong
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Hong Kong-based alternative investment firm PAG has acquired a majority stake in Bengaluru-based rigid plastic packaging firm Manjushree Technopack from US private equity firm Advent International. The deal, reportedly valued at nearly $1 billion, signals its strategic focus on the growing market in India.
Advent, which invested in Manjushree in 2018, had been exploring an exit through an initial public offering (IPO) after the company filed a Rs 3,000 crore (USD 362 million) IPO application with SEBI in August 2023. The company has grown into becoming the largest rigid plastic packaging company, boasting 23 manufacturing facilities, over 50 patents, and a presence in 21 locations across India.
PAG, a prominent APAC-focused investment firm, manages over $55 billion in assets and has deployed $1.7 billion in private equity investment in India since opening its local office in 2019. Its portfolio spans credit markets, private equity, and real assets. This acquisition highlights PAG’s commitment to expanding its footprint in high-growth sectors within India.
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