The Indian packaging company Manjushree Technopack will be sold to PAG by US private equity firm Advent International for an enterprise value of nearly $1 billion, Business standard reported.
The post claims that Advent, which made an investment in the business in 2018, had intended to go public with Manjushree Technopack but instead chose to shut down the offering process through a sale. Remarks from Reuters were not immediately answered by Manjushree. Neither Advent nor Hong Kong-based PAG would comment.
According to Advent’s website, Manjushree was founded in 1983 and currently operates 21 locations throughout India, with its headquarters located in Bengaluru. With 23 production facilities and over 50 patents and designs, it is the biggest rigid plastic packaging company in India.
In August, Manjushree submitted its application for an initial public offering (IPO) to the Securities and Exchange Board of India with the goal of raising $355 million, or 3,000 crore rupees. Advent would withdraw its IPO application from SEBI upon the sale’s signature, a source informed Business Standard.
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