Boston-based private equity firm Advent International is competing with Bangkok-based SCG Packaging for final negotiations to acquire a controlling stake in Indian packaging solutions company Manjushree Technopack.
The deal, which will value the Manjushree at $250 million, is advised by investment bank Citi.
If the deal materialises, it will give SCG an entry into India.
The interested parties have submitted binding bids and another contender Washington-based private equity firm Carlyle, is yet to submit a firm bid but is believed to be still evaluating the deal.