Shriji Polymers acquires majority stake in Parekhplast for over Rs 200 cr

Mumbai, Dec 7 (PTI) Ujjian-based Shriji Polymers, which manufactures rigid plastic packaging solutions for the pharma industry, has bought over 80 per cent stake in rival firm Parekhplast for more than Rs 200 crore.

The city-based Parekhplast is into manufacturing rigid plastic packaging for various consumer goods sectors such as paints, construction chemicals, FMCG, pharma and nutraceuticals.

Parekhplast's clients include Asian Paints, Ajanta Pharma, Berger Paints and Pidilite Industries, and it has multiple manufacturing facilities, the companies said in a statement on Wednesday.

Though the companies did not share the value or quantum of the deal, sources told PTI that Shriji Polymers has paid over Rs 200 crore for more than 80 per cent stake in Parekhplast.

Vishnu Jajoo, executive director at Shriji Polymers, said the acquisition will also diversify their presence in verticals like consumer goods, paints and food products.

Charul Ghia, managing director of Parekhplast, said the investment by Shriji comes at the right time and the fund will help it expand capacities.   Investment bank Singhi Advisors, which was the financial advisor for the transaction, said the deal will enable Shriji to expand its presence in the rigid plastic packaging space and diversify its portfolio.

Shriji was incorporated in 1996 and is promoted by the Anand Bangur and Vishnu Jajoo families. Parekhplast was established in 1983 and has four manufacturing facilities spread across Maharashtra, Telangana and Andhra Pradesh. PTI BEN ABM ABM