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Plastics 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 maker of plastic caps and closures.

“The acquisition will allow MTL to enter the highly specialized caps and closures market segment and will strengthen 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 companies said in a statement.

The deal was done through a slump sale and is the fourth acquisition for MTL.

The companies did not disclose financial details of the transaction.

“With the completion of the proposed transaction, Manjushree will have access to 2 plants with best in class compression and injection moulding machines and a captive solar power plant, alongside 500+ customers, including marquee clientele in the beverages and FMCG industries," said Biren Shah, CFO of MTL.

MTL has been closing a few deals over the past few years since it received investment from Advent International in October 2018.

Last year in August, MTL purchased a majority stake in another Bengaluru-based Classy Kontainers.

Previously in September 2020, it had acquired New-Delhi based Pearl Polymers and a majority stake in Amritsar-based National Plastics a year ago.Beena Parmar

 

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