Manjushree Technopack Limited, a plastic manufacturer has said that it has acquired its Varahi Ltd, in order to get access to a base in Northeast and to make it the largest supplier of rigid plastic packaging products in India.
Manjushree's current list of clients includes Coca Cola, Nestle, Pepsico and GSK - which makes Horlicks.
It claims that the acquisition is going to get it 100 new customers such as Dabur, Patanjali and SC Johnson.
In a statement given by the company, it expects to get an opportunity to expand its revenue to over Rs 800 crore.
With this acquisition, Manjushree will have all in all eight units, thus it expects its total production capacity to reach 4 billion units per annum by 2017.
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.
As per reports, 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.
Vimal kedia, Managing Director, Manjushree Technopack Ltd, said, "This is a significant milestone for Manjushree as it marks our first strategic investment towards industry consolidation. 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."