Who Owns EPL Company?

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Who Owns EPL Limited?

Understanding a company's ownership is key to grasping its strategic direction and accountability. A significant shift occurred in 2019 when The Blackstone Group acquired a majority stake in EPL Limited, a global leader in laminated plastic tubes.

This acquisition marked a new era for the company, originally founded as Essel Packaging Limited by Subhash Chandra in 1982. EPL Limited is now the world's largest manufacturer of laminated plastic tubes, producing over 8 billion tubes globally in FY 2023-24.

Who owns EPL Limited?

EPL Limited, originally incorporated as Essel Packaging Limited on December 22, 1982, traces its origins to founder Subhash Chandra. The company later evolved into Essel Propack Limited through a merger, with Cyrus Bagwadia serving as CEO. The Essel Group was the primary promoter, introducing laminated tubes to India in 1984.

Founding Vision

The founding team aimed to pioneer laminated tube technology in India. Their vision included global expansion to meet diverse packaging needs.

Early Operations

Operations commenced in 1984 with a manufacturing facility located in Vasind, India. This marked the company's initial step in the packaging industry.

Promotional Role

The Essel Group played a crucial role as the primary promoter of the company. Their backing was instrumental in the company's early development.

Pre-Acquisition Ownership

Before significant ownership shifts, the Ashok Goel Trust and its affiliates held a substantial stake. This stake represented approximately 57% of the company.

Initial Equity Details

Specific details on the initial equity split at inception are not readily available in public records. However, the Essel Group was the main promoter.

Essel Group's Debt Impact

The Essel Group's financial situation, specifically its debt, ultimately led to a major acquisition event. This financial pressure influenced the company's ownership trajectory.

While specific details regarding the initial equity distribution among founders or early agreements like vesting schedules are not publicly documented, the Essel Group's position as the primary promoter is clear. The company's early strategic focus was on establishing a strong presence in the laminated tube market, a move that laid the groundwork for its future growth and eventual changes in EPL ownership. Understanding the early stages of EPL ownership is key to grasping the broader context of the Premier League clubs owners and the complex dynamics of EPL club ownership structure.

Founders and Early Ownership of EPL Limited

The foundation of EPL Limited, initially Essel Packaging, was laid by Subhash Chandra. The company's early years were marked by pioneering efforts in the packaging sector, establishing its first manufacturing unit in 1984.

• Founded as Essel Packaging Limited in 1982.
• Subhash Chandra is recognized as the founder.
• Merged with Propack AG to form Essel Propack Limited.
• Essel Group was the primary promoter.
• Pioneered laminated tube technology in India.
• First manufacturing facility established in Vasind, India.

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The ownership of EPL Limited has seen significant shifts, notably with The Blackstone Group's acquisition of a majority stake in 2019. This was followed by strategic divestments and a recent partial sale to Indorama Ventures, reshaping the company's stakeholder landscape.

Blackstone's initial investment in 2019 marked a pivotal moment for the company, then known as Essel Propack Limited. The private equity firm acquired a controlling interest, subsequently leading to a rebranding as EPL Limited in October 2020. This period also saw Blackstone strategically reduce its direct holdings through block trades, diversifying the investor base to include various institutional investors such as Axis Mutual Fund, IDFC Mutual Fund, and Government Pension Fund Global.

EPL Limited Shareholding Dynamics

Recent shareholding patterns reveal a notable decrease in promoter holdings and an increase in foreign institutional investor participation.

• Promoter holding (Epsilon Bidco Pte. Ltd.) decreased to 26.42% as of June 2025.
• Foreign Institutional Investors (FII/FPI) increased their stake to 17.23% with 195 investors in June 2025.
• Mutual Funds saw a slight decrease to 8.39%.
• Public (non-institutional) shareholding stood at 45.9% in June 2025.
• The strategic realignment supports growth in beauty, cosmetics, and pharmaceuticals sectors, alongside sustainable packaging.
• Understanding these shifts is crucial for analyzing the Competitors Landscape of EPL.

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The governance of EPL Limited is overseen by its Board of Directors, comprising individuals with significant stakeholder representation and independent oversight. As of 2024, the board includes Davinder Singh Brar as Chairman and Independent Director, and Anand Kripalu serving as Managing Director & Chief Executive Officer. Other key members are Independent Director Sharmila Karve, and Non-Executive Directors Amit Dixit and Animesh Agrawal, with Dhaval Buch also on the board. Amit Dixit specifically represents the interests of Blackstone.

Shareholder approval is a critical aspect of EPL Limited's decision-making, as demonstrated by the recent appointment of Mr. Aloke Lohia as a Non-Executive, Non-Independent Director. This appointment, effective May 27, 2025, received an overwhelming 99.71% shareholder approval on August 17, 2025. Mr. Lohia, founder and group CEO of Indorama Ventures, which is acquiring a significant minority stake, brings valuable expertise. The company generally adheres to a one-share-one-vote principle, with 79.23% of the total 31.97 crore shares participating in the vote for Mr. Lohia's appointment. While specific details on dual-class shares are not publicly available, the influence of substantial promoter holdings, even after recent reductions, remains a key factor in major corporate decisions. There have been no reported proxy battles or significant governance challenges in the past year that have notably altered the company's strategic direction.

Board Composition and Shareholder Influence

The board structure reflects a balance between management, independent oversight, and representation from significant investors. Shareholder voting power is a key determinant in major corporate actions.

• Board members represent both major shareholders and independent interests.
• Shareholder approval is crucial for significant board appointments.
• The company generally operates on a one-share-one-vote basis.
• Substantial promoter holdings continue to influence decision-making.

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EPL Limited has experienced significant ownership shifts over the past three to five years, marked by strategic divestments and new investments. These changes reflect evolving market dynamics and the company's focus on global expansion and sustainability.

A notable development in EPL Limited's ownership structure is the planned acquisition of a 24.9% minority stake by Indorama Ventures Europe (IVE) from Blackstone for $220 million, announced in February 2025. This transaction directly led to a substantial decrease in the promoter holding from 51.31% in the March 2025 quarter to 26.42% in the June 2025 quarter. During the same period, Foreign Institutional Investors (FII/FPI) saw their holdings increase from 16.51% to 17.23%, indicating a growing interest from institutional investors.

Strategic International Investments

EPL Limited has actively expanded its global presence through strategic investments in its wholly-owned subsidiaries. These investments underscore a commitment to strengthening its market position in key international regions.

Focus on Sustainable Packaging

The company's strategic direction is heavily influenced by the growing demand for sustainable packaging solutions. EPL is aligning its operations and product development to meet ambitious environmental targets.

Subsidiary Investments in 2025

In August 2025, EPL invested Rs 150 crore (approximately USD 16.99 million) in EPL Brasil Ltda., maintaining 100% ownership. Additionally, in June 2025, EPL invested ₹114.81 million (43 million Thai Baht) in EPL Packaging (Thailand) Co. Ltd., securing a 99% stake to enhance its presence in the ASEAN market.

Sustainability Commitments and Partnerships

EPL is committed to achieving 100% sustainable products by 2025 and net-zero greenhouse gas emissions by 2050, validated by the Science-Based Targets initiative (SBTi). This focus on sustainability drives innovation, such as the development of recyclable Platina tubes, and fosters collaborations with global entities, aligning with the Mission, Vision & Core Values of EPL.

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