The US-based private equity investor, Advent International, will be selling its stake in the company to PAG, said people aware of the development. Currently, Advent holds 97% stake in Manjushree while 3% is held by other public shareholders.

The deal to acquire Manjushree will be the largest for PAG in India thus far and will be the third USD 1-billion transaction it has completed globally this year.

Earlier, Advent had filed papers with India’s capital markets regulator, SEBI, to dilute its stake through an initial public offering. At the beginning of this month, SEBI issued its final observation for Manjushree Technopack’s Rs 3,000-crore IPO. However, with the latest deal, the IPO plans will be put on hold.

Led by Nikhil Srivastava in India, PAG has ⁠deployed over USD 1.7-billion in the country since founding its office in 2019. It currently manages over USD 3-billion in assets across multiple strategies and business sectors in India, and has been investing in the country since 2009.

The transaction marks PAG’s seventh private equity investment in the country, including Nuvama Wealth Management, Acme Formulations, a leading contract development and manufacturing outsourcing company, RK Pharma Inc and Sekhmet Pharmaventures.

Established in 1978, Manjushree manufactures jars and bottles, multilayer containers, PET hot-fillable bottles, and pre-forms used in the food, beverage, pharmaceutical, cosmetic, agricultural chemicals, and allied sectors. It serves about 110,000 clients through its 20 manufacturing facilities across the country.

Manjushree reported a revenue of Rs 2,130-crore in FY24, which grew from Rs 1,474-crore in FY22.

The company has an installed capacity of over 1.90 lakh tonne per annum, and counts Reckitt Benckiser, Dabur India, Mondelez India Foods, Britannia, P&G, ITC, Castrol, Hindustan Coca Cola Beverages, PepsiCo India and Bisleri among its customers.

(Courtesy: Agencies)