New Delhi: The Competition Commission of India (CCI) has approved the merger of Indovida India Private Limited with and into EPL Limited.
The Proposed Combination entails the merger of Indovida India Private Limited (Indovida India) with and into EPL Limited (EPL) by way of absorption; and in consideration of the merger, EPL (i.e., post-merger resultant entity) will issue and allot shares, on a proportionate basis to the shareholders of Indovida India (Proposed Combination).
Indovida India is a newly incorporated Indian entity and wholly owned subsidiary of Indorama Netherlands BV (INBV). Indovida India and INBV are part of the group comprising Indorama Ventures Public Company Limited (IVL) and its affiliates (IVL Group).
IVL Group is a global conglomerate with businesses interests in fibres, packaging, recycling and specialty chemicals.
EPL Limited (EPL) is a public listed company based in India. It is engaged in the business of manufacturing and sale of packaging products.
Detailed order of the Commission will follow.
