Chandhiok & Mahajan (C&M), Khaitan & Co, Trilegal and Simpson Thacher & Bartlett are handling different aspects of the USD2 billion cross-border global packaging sector merger, involving Indorama Ventures subsidiary Indovida India and Essel Propack (EPL), backed by private equity major Blackstone.
After the merger of Indovida, Indorama Ventures Group will gain a controlling stake in EPL, which will continue as the listed entity on the NSE and BSE in India, and create a strong platform in the global packaging sector.
C&M is providing full corporate, competition and regulatory support on this multi-jurisdictional deal to Thailand-based Indorama. The competition and regulatory practice is leading the global approval strategy, including antitrust clearance from the Competition Commission of India and authorities in more than 10 jurisdictions, as well as foreign investment approvals.
Partner Karan Singh Chandhiok is leading the C&M team, with the support of partners Deeksha Manchanda and Modhulika Bose. Managing associates Aakash Kumbhat and Nicky Collins, senior associates Riddhika Dumane and Aileen Aditi Sundardas, and associate Saumya Sunidhi also provided support. Managing partner Sujoy Bhatia led the corporate team, which advised Indovida India.
Khaitan & Co advised Indorama Ventures and Indovida India on transaction documents, structuring, merger, diligence and securities matters. The core deal team comprised senior partner Haigreve Khaitan, partners Surbhi Kejriwal and Mehul Shah, principal associates Jamsheed Dadchanji and Vedika Bhandari, as well as associates Kashvi Shetty and Ravi Shankar.
The Trilegal acted for EPL and Blackstone, with partners Nishant Parikh, Arjun Ghose, Ankit Kejriwal and Prarthna Baranwal leading the transaction team. The competition and real estate team also provided support.
Simpson Thacher & Bartlett counselled Blackstone on global antitrust and foreign investment issues. The team comprised partner Ian Ho and counsel Sonya Ho from the M&A practice as well as antitrust expert Etienne Renaudeau.
Indorama Ventures, headquartered in Bangkok, is a global leader in sustainable chemical manufacturing. The company specialises in PET polymers, fibres and packaging. Indovida India is a packaging company producing PET preforms, bottles and closures for food, beverage and consumer goods, with 19 manufacturing sites across nine countries.
EPL creates specialised packaging for leading fast-moving consumer goods companies worldwide, with expertise across five key categories – oral care, beauty and cosmetics, pharmaceuticals and health, food and nutrition, and home care.
