PAG acquires majority stake in India's Pravesha Industries

Nuvama Wealth Management

13/01/2025 05:00

HONG KONG/SINGAPORE, Jan 13 (Reuters) - Asia-focused
private equity firm PAG said on Monday that it has acquired a
majority stake in Indian pharmaceutical packaging company
Pravesha Industries, according to a statement.
    Financial details were not disclosed in the statement. A
source with knowledge of the matter said the deal gave Pravesha
an enterprise value of $200 million. 
    PAG and Pravesha declined to comment. 
    "India's packaging sector has been one of our focuses, given
its exposure to key themes driven by India's domestic
manufacturing, consumer and industrial sectors," Nikhil
Srivastava, managing director and head of India private equity,
PAG's partner, said in the statement.
    Founded in 1999, Pravesha produces over 15,000 metric tons
of plastic bottles, closures and drums and more than two billion
units of cartons, labels and leaflets annually for some of the
world's largest pharmaceutical companies, the statement showed. 
    Meanwhile, PAG said it has also signed definitive documents
to invest in an Indian rigid plastic packaging company,
Manjushree Technopack Ltd  MANT.M3 , without disclosing
financial details. 
    PAG has been investing in India since 2009 and currently
manages over $3 billion in assets in the country, counting
Nuvama Wealth Management  NUVA.NS  and Sekhmet Pharmaventures
among its investments there, the statement showed. 
    PAG, whose private equity arm is led by seasoned Chinese
dealmaker Shan Weijian, manages more than $55 billion in capital
ranging from private equity to credit, according to its website.

 (Reporting by Kane Wu in Hong Kong and Yantoultra Ngui in
Singapore; Editing by Michael Perry)
 ((Yantoultra.Ngui@thomsonreuters.com;))