Warburg emerges as the highest bidder for majority stake in Parksons Packaging
Warburg Pincus is expected to come out as the highest bidder in a move to take over a controlling stake in India’s largest independent carton manufacturer Parksons Packaging, outbidding peers such as KKR and Bain Capital besides Finnish packaging materials major Huhtamäki Oyj, according to news reports.
If the deal with Warburg goes through, the Mumbai-based packaging solutions company will be valued at Rs 2,200-2,300 crore, as per reports. In addition, the transaction will see the exit of private equity firm Kedaara Capital from the company established in 1996 by Ramesh Kejriwal.
Kejriwal’s sons Siddharth and Chaitanya will continue to run the business by holding a minority stake post transaction, as per industry sources.