HONG KONG, Nov 22 (Reuters) - 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)