EPL Limited and Indovida India Private Limited have signed definitive agreements to merge, a transaction approved by both boards and subject to regulatory and shareholder approvals. The merger will create a combined platform with Rs2 bn valuation and Rs1 bn revenue, with EPL valued at Rs1.2 bn and Indovida at Rs0.7 bn. The transaction values EPL at Rs339 per share, a 70 per cent premium to the prior close, while Indovida is at a 35 per cent discount to EPL's multiple. The companies said the merged entity will be one of the leading emerging markets focused packaging platforms, with approximately 75 per cent of revenue from emerging markets and complementary product portfolios and geographic reach. Expected synergies include procurement and supply chain efficiencies and sustainability initiatives that should be margin accretive. Reported 2025 earnings before interest and tax margin is expected to expand from 12.4 per cent to 13.6 per cent and return on capital employed is expected to rise from 18.7 per cent to 20.9 per cent. Indorama Ventures will emerge as co?promoter with 51.8 per cent ownership of the merged entity and Blackstone will hold 16.6 per cent. Hemant Bakshi will remain group chief executive officer and will lead the merged platform while Sunil Marwah will continue to run the Indovida business reporting to him. The implementation will be through a scheme of amalgamation in which Indovida will merge into EPL and EPL will continue as the listed company, subject to customary approvals and expected to close in the next 12 months. EPL is a global flexible packaging company employing over six thousand people across 11 countries and 21 manufacturing facilities, while Indovida operates 19 manufacturing facilities across nine countries and is fully owned by Indorama Ventures. Indorama Ventures reported revenue of Rs13.6 bn in 2025 and employs around 25,000 people, and Blackstone manages assets of more than Rs1.3 tn. Financial and legal advisers and independent valuers have been engaged to recommend swap ratios and provide fairness opinions.