Warburg Pincus LLC is understood to have emerged the highest bidder to acquire a controlling stake in Parksons Packaging Ltd., outbidding peers such as KKR & Co. Inc. (NYSE:KKR) and Bain Capital, LP besides Huhtamäki Oyj (HLSE:HUH1V). A potential deal with Warburg will value the Mumbai based packaging solutions company at INR 22 billion to INR 23 billion, multiple people aware of the development told ET.

The transaction will see the exit of Kedaara Capital Investment Managers Limited from the company established in 1996 by Ramesh Kejriwal, they said. A spokesperson with Warburg Pincus declined to comment, while mails sent to Parksons Packaging and Kedaara Capital did not elicit any responses as of press time on March 30, 2021.