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 U.S. private equity firm Advent International has signed a deal to sell Indian packaging company Manjushree Technopack to PAG for an enterprise value of close to $1 billion, two sources with direct knowledge said on Friday.

Advent, which invested in the company in 2018, was planning to take Manjushree Technopack public but opted for a sale that will end the offering process, the people said.

Manjushree and Advent did not immediately respond to Reuters' requests for comment. PAG, which is headquartered in Hong Kong, declined to comment.

Founded in 1983, Manjushree has 21 locations across India, with its headquarters in Bengaluru, according to Advent's website. It is India's largest rigid plastic packaging company, with 23 manufacturing plants and more than 50 patents and designs.

Manjushree filed its IPO application to the Securities and Exchange Board of India in August, planning to raise 30 billion rupees ($355.5 million) in the offering.

With the signing of the sale, Advent will withdraw the IPO application from SEBI, said one of the sources.

Asia-focused PAG has deployed over $1.7 billion out of its private equity funds in India since setting up a local office in 2019.

($1 = 84.3880 Indian rupees)