Manjushree Technopack Limited (MTL), India's largest rigid plastics packaging company backed by Advent International, has announced entering into a Business Transfer Agreement with Pearl Polymers Limited for acquiring the commercial operations and manufacturing facilities of their B2B vertical. This transaction is subject to customary closing conditions and regulatory approvals.
Manjushree has a manufacturing capacity of 1,75,000 MT per annum. With a turnover of Rs 1100+ crore, Manjushree is one of the top 500 mid-sized companies in India.
The proposed acquisition of Pearl Polymers' B2B business will help MTL to consolidate their leadership position in the container segments, while reinforcing their technical strength.
On the acquisition, Sanjay Kapote, CEO of Manjushree Technopack Limited said - "The acquisition announced today is in line with our strategy to grow and diversify our business. Acquiring the B2B business from Pearl Polymers will allow us to consolidate our leadership position in the rigid packaging sector. We expect a seamless integration of the acquired business with the rest of the MTL group given the success we have achieved in our acquisitions to date. The proposed acquisition is in line with Manjushree's aggressive inorganic growth plans. Manjushree aspires to be the employer and partner of choice, we will continue delivering deep value for our customers, post consummation of the transaction."
He added "The combination of our technological strength, product range and geographical spread with Pearl Polymers' robust container business will help us deliver an extended containers portfolio and areas of expertise to our customers in the future. "
Chand Seth, CMD of Pearl Polymers Limited said - "Pearl polymers is the pioneer and was instrumental in creating the market for PET packaging in India. With its customer spread across India and in every segment of the market, we believe that this acquisition will bring great value. Our clients will continue to receive the same high-quality services that they have come to expect for the last 36 years.
This deal will allow us to focus and grow the well-known PearlPET brand to new levels. We expect to launch many new product lines in the future."
With the consummation of the proposed transaction, Manjushree will have access to four of Pearl Polymers' production units and serve Pearls' existing customer base that includes marquee clientele in the FMCG, liquor and pharma segments.
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