Asset manager PAG acquires majority stake in Pravesha Industries

Leading private equity managing firm PAG has acquired a majority stake in Pravesha Industries, a packaging solution provider for leading pharmaceutical companies. This marks PAG’s second investment in India’s packaging industry, following its deal with Manjushree Technopack, one of India’s largest rigid plastic packaging providers.

PAG has not disclosed the details of the transactions, but reports peg Pravesha deal at USD 200-million and Manushree acquisition at USD 1-billion.  

Nikhil Srivastava, partner and managing director, head of India private equity at PAG, said, “Pravesha will be a significant and valuable part of our investments in the packaging sector.” Expressing confidence in India’s packaging sector, he added, “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.” 

PAG private equity manages over USD 500-billion in capital globally. Since 2020, the firm has invested USD 1.5-billion in India, focusing on the pharmaceuticals, financial services, and consumer sectors.