Indorama Netherlands completed the acquisition of 24.9% stake in Essel Propack from Blackstone for $220m.

Indorama Netherlands, a chemical company, completed the acquisition of 24.9% stake in Essel Propack, a global tube-packaging company, from Blackstone, an American multinational private equity, alternative asset management, and financial services firm, for $220m. “India represents one of the most exciting opportunities in global packaging and chemical markets today, where Indorama Ventures has natural advantages including our existing footprint in diverse businesses. My family’s Indian heritage is also an attribute as we seek to build close partnerships with peer companies in India—many of them family owned—to leverage our mutual scale and capabilities and invest in one of the most dynamic economies in the world. Our stake in EPL aligns with this strategy. Their global reach, innovative high-quality products, focus on sustainability and solid management team make them a natural fit, and our combined deep experience in our respective businesses will drive value immediately,” Aloke Lohia, Indorama Ventures Group CEO.