In a bid consolidate its thermoforming machine manufacturing business in domestic as well as overseas markets, Rajkot-based Rajoo Engineering Ltd. has acquired Wonderpack Industries for Rs 30 crore.
The 100 per cent acquisition of the Nasik-based company will allow Rajoo Engineering to increase its presence in countries where the former is already present. "Wonderpack has been acquired for Rs 30 crore and merged into Rajoo Engineering to serve thermoforming products for FMCG segments in India and abroad. This merger will help Rajoo Engineering to increase its presence in those countries where Wonderpack has already reached with its machines," said Sunil Jain, president of, Rajoo Engineering Ltd., which is looking at capacity expansion at its Rajkot unit to cater to the new markets.
Post acquisition, Wonderpack will operate as a separate division of Rajoo Engineers at Nasik under the leadership of Amit Shah, the founder and managing director of Wonderpack, who has joined the Board of Rajoo Engineers.
"The industry will benefit immensely from this collaboration. I look forward to taking this combined entity to newer orbits – both in terms of technology levels and footprint," said Shah.
While Rajoo Engineering's net sales rose from last year's Rs 474 crore to Rs 733.80 crore, Wonderpack pegged a turnover of Rs 22 crore. Rajoo Engineering registered a net profit of Rs 43 crore for the financial year 2009-10 as against Rs 25.84 crore in 2008-09.
Based in Rajkot, Rajoo Engineers Limited manufactures blown film and sheet extrusion lines, where the company enjoys premium market position in this segment. With representations in many countries of the world and customers in over 40 countries, Rajoo Engineering's exports have multiplied after its debut in the international market in 1990, said Jain.
