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BENGALURU: Premji Invest, the investment arm of Azim Premji's endowment and philanthropic initiatives, has acquired a significant stake in SB Packagings, a manufacturer of flexible packaging for hygiene segment.

The quantum of the stake was not disclosed.

The transaction primarily involves partial stake sale held by existing shareholders in SB Packagings and infusion of primary capital for capacity expansion and for inorganic acquisitions to enable faster scale up of its product portfolio for both domestic and international markets, SB Packagings said.

Founded in 1989, SB Packagings supplies flexible packaging materials in India to customers including P&G, J&J, Unicharm, Kimberly Clark, Nobel Hygiene, Walmart, Future Group, PepsiCo, Dabur, and Tata.

After the transaction, Amit Banga, managing director of SB Packagings, will continue to remain a significant shareholder in the company and will continue to drive the business, supported by financial and strategic support from Premji Invest.

“We have grown steadily over the last decade, winning the trust and market share with our marquee global customers who have a very high threshold for quality and consistency. Innovation and Sustainability have been the core pillars of SBP’s business model. With the backing from Premji Invest, one of India’s leading PE investors, we look forward to further expanding our capabilities through organic and inorganic routes thereby strengthening our position in the Indian flexible packaging Industry," said Banga.

Premji Invest has been active in investing in the Indian markets for over ten years. The focus of the investments has been to grow medium-sized Indian companies into large companies that can compete globally. Investments of Premji Invest is across sectors like consumer, financials, technology, and manufacturing and includes brands like Fab India, Hygienic Research, ID foods, Lenskart, Policy Bazaar, Flipkart, Gold Plus Glass, and Shubham Housing.

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