INDIA – US private equity firm Advent International has agreed to sell Indian packaging giant Manjushree Technopack to Hong Kong-based investment firm PAG for an enterprise value of nearly US$1 billion, according to Reuters.
The decision follows Advent’s initial plan to take the company public, which has now been shelved in favor of this sale.
In August, Manjushree had filed for an initial public offering (IPO) with the Securities and Exchange Board of India, aiming to raise approximately ₹30 billion (US$355.5 million).
However, PAG’s acquisition has rendered the IPO process obsolete. Neither Advent nor PAG has commented on the transaction.
Advent acquired a minority stake in Manjushree Technopack from Kedaara Capital in 2018 and had been considering a public listing as the next phase of growth.
Manjushree Technopack operates 23 manufacturing plants across 21 locations in India, with over 250 patents and designs.
It is a major supplier of packaging solutions for sectors including agrochemicals, beverages, food, home care, personal care, and pharmaceuticals.
The company has also invested in sustainability, launching its first recycling packaging plant in June 2020 in Bengaluru. The plant processes over 6,000 tonnes of post-consumer recycled resin annually.
Recent expansion through strategic acquisition
In April, Manjushree acquired Oricon Enterprises Limited’s plastic packaging business for ₹520 crore (approximately US$62.5 million).
The acquisition included Oriental Containers, a leading plastic caps, closures, and preforms manufacturer primarily serving the beverage industry.
This acquisition expanded Manjushree’s market presence with two new manufacturing facilities in Goa and Odisha.
It also doubled its market share in caps and closures, establishing the company as a market leader with an installed capacity of nearly 15 billion pieces annually.
The move also brought operational synergies, a broader portfolio of molds and SKUs, and deeper customer relationships, strengthening Manjushree’s leadership in India’s rigid plastic packaging sector.
Thimmaiah Napanda, MD and CEO of Manjushree Technopack, remarked, “We are excited to acquire Oriental Containers as we continue our rapid growth journey.
“This acquisition reinforces our leadership in four of the five segments we operate in, including preforms, containers, caps and closures, pumps and dispensers, and recycling.”
He emphasized the company’s commitment to delivering exceptional quality and value while supporting customers with integrated growth and business continuity solutions.
The transaction with PAG aligns with Manjushree’s growth strategy and strengthens its position as a market leader in India’s rigid plastic packaging industry.
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