Global private equity firm Warburg Pincus has acquired a majority stake in India-based folding carton maker Parksons Packaging through its Green Fin Investments affiliate.

The financial details of the deal have not been disclosed, but media sources have estimated it to be between $293.2m and $306.5m.

Founded in 1996, Parksons has a diversified product portfolio and serves more than 300 customers across the consumer, food, pharmaceutical and other end-markets.

The company operates six advanced manufacturing plants across the country and can convert more than 125,000mt of paperboard a year.

Under this transaction, Parksons’ founding family, the Kejriwal family, sold a partial stake.

Ramesh Kejriwal, Siddharth Kejriwal and Chaitanya Kejriwal will continue to serve as chairman, managing director and joint managing director respectively.

Parksons’ existing private equity investors, Kedaara Capital AIF, Olza Holdings and IIFL, have completely withdrawn from the company.

Warburg Pincus India managing director and head Vishal Mahadevia was quoted as saying: “We believe that packaging is a great way to play the fast-growing consumption story in India.

“The paper packaging market is expected to demonstrate strong growth over the next five years, driven by underlying expansion in consumer end markets, further bolstered by secular tailwinds of sustainability and premiumisation.

“Warburg Pincus has a deep history in backing talented management teams and looks forward to partnering with the Founder family and the management team in growing the business.”