PAG, an Asia Pacific-focused private equity investment firm, has acquired a majority stake in Pravesha Industries Private Limited, a packaging player in the pharmaceutical industry, said the company in a statement.
This marks PAG’s second investment in the packaging sector, following its recent deal to acquire a stake in packaging company Manjushree Technopack.
“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, particularly the strength of the country’s pharma export industry, leading to an expected double digit industry growth over the next decade and beyond,” said Nikhil Srivastava, Partner & Managing Director, Head of India Private Equity at PAG.
A pure-play pharma-focused packaging company, Pravesha, founded in 1999, has four manufacturing facilities across the country, with over 1,950 employees. It produces over 15,000 metric tonnes of plastic bottles, closures, and drums annually, along with more than two billion cartons, labels, and leaflets for pharmaceutical companies across the world, the statement said.
“We believe Pravesha will be a significant and valuable part of our investments in the packaging sector, and we are eager to drive the Company’s growth organically and inorganically in the future,” added Srivastava.
About 95% of Pravesha’s packaging products are used in developed markets such as the US and Europe.
“As we embark on the next phase of growth, PAG brings vision, deep expertise, and a senior team of highly experienced professionals with a proven track record of creating value,” said Bomma Sivaprasad Reddy, outgoing director at Pravesha.
