PAG, an Asia-Pacific-focused private equity firm, has acquired a majority stake in Manjushree Technopack, India's largest rigid plastic packaging company, in a deal valued between ₹8,400 crore ($1 billion). This move follows the company’s decision to end its dual-track process, which had included a proposed ₹3,000 crore IPO that was approved by SEBI. Instead of moving forward with the IPO, Advent International, which held a 97% stake in the company, opted for a private sale, making a clean exit after six years of investment.

Manjushree, founded in 1978, is a major player in manufacturing packaging solutions for the food, beverage, pharmaceutical, and cosmetic sectors. It boasts a strong portfolio of clients, including companies like Reckitt Benckiser, Dabur, and PepsiCo. The company operates over 20 manufacturing plants across India and reported a revenue of ₹2,130 crore in FY24.

This acquisition is part of PAG's continued investment strategy in India, having committed over $1.7 billion since its entry in 2019.