Parksons Packaging acquires Manohar Packaging

Siddarth Kejriwal, managing director of Parksons Packaging talks almost the acquisition of Manohar Packaging Screenshot PSA

As was rumored in the industry for the past several days, and every bit announced in the financial press on 29 Nov 2021, Warburg Pincus-owned Parksons Packaging has acquired a 100% pale in Manohar Packaging. Both companies are headquartered in Mumbai, with Parksons Packaging owning vi plants in v locations and Manohar Packaging having 2 plants including a new greenfield site in Punjab that started production before the onset of the pandemic. While Parksons Packaging is active in nearly every FMCG monocarton segment, Manohar is a specialist in premium alcobev packaging.

The financial press says the deal is in the range of Rs 200 to 250 crore (approximately United states of america$ 27 to 33 million). An interview on Zoom with managing director Siddharth Kejriwal and chairman Ramesh Kejriwal of Parksons Packaging confirms that the expected combined revenue of the merged company is expected to be Rs. i,500 in the financial year ending 31 March 2022.

Parksons Packaging has half-dozen carton manufacturing plants in five locations – Daman and Chakan in Western Republic of india, two plants in Pantnagar in the Northward, Sri City in Due south India, and Guwahati in the Northeast, while Manohar Packaging has carton plants in Mapusa in Due north Goa and the new plant 17 kilometers westward of Ambala in Punjab.

Aditya Patwardhan who has grown the family-owned Manohar Packaging and is its CEO volition proceed to exist part of the management team in the enlarged Parksons Packaging. Patwardhan says, "Nosotros've always been good and it's time to go corking. Nosotros look forward to this association and offering our clients the strongest platform for paper-based packaging that any Indian company can provide and is thus far unparalleled in the industry."

Siddarth Kejriwal explains that while Parksons Packaging was acquired past Warburg-Pincus in April 2021, the global equity and investment firm is content with letting the Kejriwal family unit continue to drive the growth of the Indian monocarton concern. Speaking well-nigh inorganic growth and the acquisition of Manohar Packaging, he said, "Parksons has a tradition of doing things differently and for us finding the right partner means looking for real synergy. We look for customer fit, location fit, civilisation fit, and most of all trust."

He spoke farther about the synergy betwixt the two organizations, "Scalability is another gene that nosotros look for when evaluating inorganic growth, and the new plant in Punjab tin easily be scaled to four times its current capacity. The found is located in a region with many of the biggest nutrient and pharma players as well as alcobev. The real benefit is to the premium alcobev make owners that Manohar brings closer to united states of america, who will now be able to leverage our network of eight plants in every part of the country."

Parksons Packaging is hopeful of bettering the Indian monocarton industry's expected double digital growth in the 2022-23 financial year. Chairman Ramesh Kejriwal says that 20% growth is doable for the combined visitor which would accept the turnover to Rs 1,800 crores. With another K&B Rapida 7-color coater printing ordered and expected to be installed before 31 March 2022, chapters add-on and back-up for the Punjab constitute is already underway. He states, "Nosotros are aiming to reach Rs ii,000 crore in FY 2022-23 itself, which is achievable. And there is certainly no harm in being ambitious in our goals."

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Source: https://packagingsouthasia.com/packaging-production/parksons-packaging-acquires-manohar-packaging/

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