Manjushree Technopack Limited, a Bengaluru-based plastic manufacturer has acquired Delhi-based rival to get access to a base in Northeast and making it the largest supplier of rigid plastic packaging products in the country.
The acquisition will get it access to 100 new customers including Dabur, Patanjali and SC Johnson and expand its revenue to over Rs 800 crore, the firm said in a statement. Manjushree did not disclose the cost of the acquisition.
With this, Manjushree — whose clients include Coca- Cola, Nestle, PepsiCo and GSK — who is also the maker of Horlicks will have eight units taking its total production capacity of 4 billion units per annum by January.
The 45-year firm builds packaging solutions for FMCG, beverages and pharmaceuticals companies. Its manufacturing units are located in Noida, Baddi and Pantnagar with a combined production capacity of 20,000 metric tonnes.
“This is a significant milestone for Manjushree as it marks our first strategic investment towards industry consolidation. We were impressed by their manufacturing capabilities. With this acquisition, Manjushree gets a solid foothold in North India and cross-selling products of between Manjushree and Varahi’s customers will give us a huge positive growth. Our aim is to become a 360-degree rigid packaging solutions provider for brands across India and this gives us an impetus to serve our existing and new clients with world-class packaging solutions,” said, Vimal Kedia, Managing Director, Manjushree Technopack Ltd.
Manjushree expects to boost its sales by gaining access to registered designs and patents filed by Varahi. The Bangalore-based company currently owns over 100 registered designs and patents, which will allow it to produce containers from 5ml to 20 litres, in over 1,000 different shapes, sizes and designs.