US-based private equity company Advent International is reportedly pursuing the acquisition of a majority ownership of Indian packaging solutions provider Manjushree Technopack, in a transaction valued at Rs23bn ($330m).

Media reports revealed that Advent will acquire private equity firm Kedaara Capital’s 24% stake and promoter Vimal Kedia’s interest in the polyethylene terephthalate (PET) manufacturer.

Following the sale, Kedia will retain a minority stake in the company.

Advent emerged as the frontrunner to acquire controlling stake in Manjushree, beating competition from other aspirants such as KKR, Carlyle, Thailand’s SCG, US-based firms IPG and Graham Packaging.

“Manjushree serves several FMCG industry verticals, including dairy, liquor, food products, agro chemicals, pharmaceuticals, home care and personal care.”

Manjushree’s clientele includes GlaxoSmithKline, Coca-Cola, Nestle, Mondelez, PepsiCo, Reckitt Benckiser, Bacardi, Ranbaxy Laboratories, Perfetti Van Melle, Pfizer, and Amway.

With an installed capacity of more than 125,000mt per annum, the company operates seven manufacturing units.

Established in 1983, the company posted revenues of Rs9.8bn-10bn ($140m-$143m) for the fiscal year 2018.

Manjushree serves several FMCG industry verticals, including dairy, liquor, food products, agrochemicals, pharmaceuticals, home care and personal care.

The company has a portfolio of more than 1000 custom and stock products, selling to FMCG multinationals across India and 15 other countries.

It offers solutions including injection stretch blow moulding for PET bottles, extrusion blow moulding for HDPE/PP bottles including angular neck bottles, barrier co-extrusion moulding and injection moulding.

The proposed deal is reportedly set to become the biggest acquisition in the Indian packaging industry after Finland-based company Huhtamaki purchased Positive Packaging in 2014 for $336m.