French packaging group Albea and US private equity fund Blackstone Group are in advanced negotiations to take a controlling stake in Essel Propack (EPL), India’s largest specialty packaging company, according to three people aware of the development. Amid consolidation in the packaging industry, the parent group is looking to sell assets in order to reduce debt.

Besides the two contenders cited above, Indorama and private equity fund Carlyle have also submitted nonbinding bids but the discussions with Albéa and Blackstone are believed to be progressing, said one of the persons cited above.

Albea, a global leader in beauty, personal care, oral care, pharmaceutical and food packaging, is owned by French private equity fund PAI Partners. Due diligence is being conducted before binding bids are submitted. Morgan Stanley is advising the EPL promoter.

Source: economictimes.indiatimes.com