 "Australia's Amcor buys Packaging India from Essel Propack")
Essel Propack Ltd has decided to sell its wholly-owned subsidiary Packaging India Pvt Ltd (PIPL) to Amcor Flexibles India Pvt Ltd, a subsidiary of Australian packaging products maker Amcor. “The agreement to this effect has been signed and the deal completed for full cash consideration. The divestment is part of company’s strategy to exit non-core adhesive lamination packaging business and pursue growth opportunity in its core tube packaging business which has great potential across the globe in the beauty & cosmetics, pharma & health and food categories,” said Essel Propack in a BSE filing.
Enterprise value of the divested business is Rs 165 crore.
The deal is expected to provide Packaging India an opportunity to further grow and prosper in the flexible packaging space as part of Amcor.
“The divestment of packaging India Pvt Ltd is in line with our strategic decision to intensify focus on the core tube packaging business. Globally, including India, we are noticing a significant growth in the demand of laminated tubes across categories. This decision will help us to further strengthen our expertise in tube packaging business & deleverage,” commented Ashok Goel, vice chairman and managing director, Essel Propack Ltd.
PIPL offers cost effective and value added specialty packaging solutions to customers. All this is supported by state-of-the-art infrastructure with in-house cylinder plant and ink kitchen, blown film extrusion, printing, laminating, slitting and pouch making facilities. Besides India, it also caters to overseas countries such as Sri Lanka, Africa and developed markets. Packaging Indi has manufacturing facilities in Pondicherry, Sitarganj (Uttarakhand) and Cuddalore (Tamil Nadu).
Enterprise value of the divested business is Rs 165 crore.
The deal is expected to provide Packaging India an opportunity to further grow and prosper in the flexible packaging space as part of Amcor.
“The divestment of packaging India Pvt Ltd is in line with our strategic decision to intensify focus on the core tube packaging business. Globally, including India, we are noticing a significant growth in the demand of laminated tubes across categories. This decision will help us to further strengthen our expertise in tube packaging business & deleverage,” commented Ashok Goel, vice chairman and managing director, Essel Propack Ltd.
PIPL offers cost effective and value added specialty packaging solutions to customers. All this is supported by state-of-the-art infrastructure with in-house cylinder plant and ink kitchen, blown film extrusion, printing, laminating, slitting and pouch making facilities. Besides India, it also caters to overseas countries such as Sri Lanka, Africa and developed markets. Packaging Indi has manufacturing facilities in Pondicherry, Sitarganj (Uttarakhand) and Cuddalore (Tamil Nadu).