(Bloomberg) -- PAG, one of Asia’s biggest alternative asset managers, has lined up a $375 million buyout loan with four banks for its planned acquisition of India’s largest rigid plastic packaging provider, according to people familiar with the matter.

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Barclays Plc, DBS Group Holdings Ltd., Goldman Sachs Group Inc. and Standard Chartered Plc are underwriting the five-year loan for Manjushree Technopack Ltd.’s buyout, the people said, who asked not to be identified as the matter is private. The financing will be syndicated to the broader market later, the people added.

PAG will acquire the target from Advent International LP for around $1 billion, including debt, in a transaction that represents the asset manager’s largest-ever investment in India, Bloomberg reported last week. Private equity exits from the nation soared by 15% last year to $29 billion as India benefits from increasingly deep capital markets and a significant increase in domestic investor participation, according to a Bain & Co. survey.

Hong Kong-based PAG declined to comment on the loan and on how the company plans to finance the acquisition.

A separate bidding company will be formed for PAG’s acquisition of Manjushree, and that will act as a borrowing entity for the loan, the people familiar said, without elaborating further.

Founded in the 1980s, Manjushree has 23 manufacturing plants and makes everything from liquor bottles to paint buckets and shampoo containers, according to its website.

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