AZB & Partners had advised its longstanding client, alternative investment fund PAG, on its $200 million investment into pharma-focused packaging firm Pravesha Industries, which was represented by Hyderabad-based Tempus Law Associates.
This marks PAG’s second investment in the packaging sector in India in recent times, following its agreement to acquire a majority stake in Manjushree Technopacks from Advent International, a deal for which AZB also represented PAG.
“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,” said Nikhil Srivastava, partner and managing director and head of India private equity at PAG, in a statement.
Founded in 1999, Pravesha is a pure-play, pharma-focused packaging company in India, producing over 15,000 metric tons of plastic bottles, closures, and drums, along with more than two billion units of cartons, labels, and leaflets annually. About 95 percent of Pravesha’s packaging products are utilised in developed markets, including the U.S. and Europe.
The AZB team comprised of partner Kashish Bhatia, senior associates Amitabh Robin Singh and Aditi Shukla, and associate Abhimanyu Singh Rathore.
The Tempus deal team comprised the firm’s co-founder and co-managing partner Sundari R. Pisupati, associate partner Raghav Agarwal, senior associates Sindhu Akella and Bhaskar Rekapalli, associate Nisha Agarwal, and company secretary Rasika Jhawar.
