INDIA – Manjushree Technopack Limited (MTL), India’s largest rigid plastics packaging manufacturer, has finalized definitive agreements to acquire the plastics packaging business of Oricon Enterprises Limited (“OEL”), including Oriental Containers.
This acquisition, valued at INR 520 Crores, positions MTL as the leading player in India’s closures business segment.
Oriental Containers, a key player in plastic caps & closures and preforms manufacturing, adds substantial value to MTL’s market position.
The transaction effectively doubles MTL’s market share in caps and closures, boasting an installed capacity of nearly 15 billion pieces per annum.
The addition of Oriental Containers’ manufacturing plants in Goa & Odisha will bolster MTL’s production capacity, complemented by a broader array of moulds, machines, and SKUs, resulting in strengthened unit economics and deeper customer relationships.
Furthermore, the acquisition enhances MTL’s dominance in the preforms segment, where it is already a market leader.
This strategic move aligns with MTL’s growth strategy, exemplifying its ability to generate value through business acquisitions and integrations.
Advent International, which acquired MTL in 2018, has witnessed substantial growth, expanding MTL’s presence from two business segments to five over the last six years.
Mr. Thimmaiah Napanda, MD and CEO of Manjushree Technopack Limited, expressed enthusiasm about integrating Oriental Containers into MTL’s portfolio, emphasizing the company’s commitment to rapid growth and market leadership in India’s rigid plastic packaging sector.
This acquisition reinforces MTL’s dedication to delivering exceptional quality and value to customers, positioning MTL as a comprehensive partner for growth and business continuity planning.
Adarsh Somani, MD and promoter of Oricon Enterprises Limited, highlighted the legacy of Oriental Containers, pioneered by his late father Shri Rajendra Somani.
Under his father’s vision, Oriental Containers established a leadership position driven by quality, innovation, and service excellence.
Adarsh Somani believes that integrating Oriental Containers’ business with MTL’s portfolio will further consolidate market leadership in closures and provide a strong foothold in eastern India, benefiting customers, vendor partners, and employees within a solid ecosystem created by MTL.
The acquisition is subject to customary conditions, including corporate approvals of Oricon Enterprises Limited.
This strategic consolidation underscores MTL’s commitment to sustained growth and leadership in the plastics packaging industry, positioning the company for continued expansion and success in the coming years.
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