Packaging firm Manjushree Technopack has bought out mid-sized Delhi-based Varahi Polymers, which packs for a slew of consumer products makers including Reckitt Benckiser, Dabur, Patanjali and Perfetti Van Melle, in a Rs 350 crore deal.
This is Manjushree Technopack’s first acquisition and will pit it directly against multinational packaging company Tetrapak. Manjushree currently packs for Coca-Cola, Nestle, Mondelez, GlaxoSmithKline Consumer and Heinz, among others. “This acquisition gives us scale of operations, a pan India presence and manufacturing capacity all over the country,” Manjushree Technopack Managing Director Vimal Kedia told ET. He declined to comment on the deal size. The deal gives Manjushree access to all three factories of the Rs 225-crore Varahi Polymers in Noida, Baddi and Pantnagar, its assets and intellectual property rights.