PAG, an Asia Pacific-focused private equity investment firm has announced that it has acquired a majority stake in Pravesha Industries Private Limited, a packaging company focused on the pharmaceutical industry.

Pravesha, founded in 1999, is a pure-play pharma-focused packaging company in India. The Company produces more than 15,000 metric tons of plastic bottles, closures, and drums and more than two billion units of cartons, labels, and leaflets annually for some of the world’s largest pharmaceutical companies. About 95 percent of Pravesha’s packaging products are used in developed markets including the US and Europe.

“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. Pravesha has established long-term relationships with some of the world's leading pharmaceutical companies and has become a partner of choice due to its diverse product offerings, superior quality and services, and innovative solutions," said Nikhil Srivastava, Partner and Managing Director, Head of India Private Equity at PAG.  

"We believe Pravesha will be a significant and valuable part of our investments in the packaging sector, and we are eager to drive the Company’s growth organically and inorganically in the future,” added Srivastava.

“Our journey with Pravesha has been remarkable, establishing it as a prominent player in the pharmaceutical packaging industry in India. Today, Pravesha is a trusted partner for leading pharmaceutical companies, thanks to its unwavering focus on innovation, customer service, and agility,” said Bomma Sivaprasad Reddy, outgoing director at Pravesha.

In addition, PAG has also signed definitive documents to invest in Manjushree Technopack Limited, one of India’s largest rigid plastic packaging companies. Manjushree is focused on a diversified base of customers across consumer end-markets including home care, personal care, food and beverages, paints, nutraceuticals, agrochemical, liquor and spirits, and dairy etc.

PAG has been investing in India since 2009 across multiple strategies and business sectors and currently manages over USD3 billion in assets in India. PAG’s other private equity investments include Nuvama Wealth Management, one of India’s largest wealth management players; Sekhmet Pharmaventures, a diversified pharmaceutical platform; and Acme Formulations, a contract development and manufacturing outsourcing (CDMO) company.