EPL-Indovida Merger Creates ~$2bn Packaging Platform

EPL Limited's board approved merger with Indovida India Private Limited on March 29, 2026, creating a ~$2bn consumer packaging platform.
Combined entity will have INR 83.8bn revenue, 20.9% EBITDA margin, 40 manufacturing facilities across 17 countries.
Swap ratio set at 286 EPL shares per 10,000 Indovida shares; EPL valued at INR 339/share, ~70% premium to last close.
IVL (Indorama Ventures) will hold 51.8% in MergeCo; identified synergies of $35–50mn; transaction closure expected in ~12 months.