Plastic packager Manjushree Technopack Ltd (MTL), backed by US private equity firm Advent International, has agreed to acquire 100% of the business operations and manufacturing facilities of Hitesh Plastics, a Bengaluru-based manufacturer of plastic caps and closures.
“The acquisition will allow MTL to enter the highly specialized cap and closure market segment and solidify its position as an end-to-end integrated rigid plastic packaging player. It will also add two new plants located in Jalgaon, Maharashtra to MTL’s existing 21 plants across India.”
The deal was done through a bearish sale and is the fourth acquisition for MTL.
The companies did not disclose the financial details of the transaction.
Biren said, “With the completion of the proposed transaction, Manjushree will have access to 2 plants with best-in-class Compression and Injection Molding Machines and a captive solar power plant, covering over 500 customers, including beverages and FMCG. The industries include marquee clients.” Shah, CFO of MTL.
MTL has been closing a few deals over the years since receiving an investment from Advent International in October 2018.
In August last year, MTL had bought a major stake in another Bangalore-based Classy Containers.
Earlier in September 2020, it had acquired majority stake in New-Delhi-based Pearl Polymers and Amritsar-based National Plastics a year earlier. Bina Parmar
catch all corporate news And updates on Live Mint. download mint news app to receive daily market update & Live business News,