HPPL Buys Ajanta Packaging; Looking For More Deals
Huhtamaki PPL, one of India's top packaging companies, said on Friday (23 March) that it has acquired Mumbai-based specialty packaging solution provider Ajanta Packaging. HPPL, which became an integrated packaging solution company through several acquisitions in the past, had said in the past that it has been keenly exploring niche opportunities to expand its reach into new and emerging segments in the packaging market.
Ajanta Packaging, which was valued at Rs 100.3 core, will enable HPPL customers to get the benefits of new technologies and strengthen its innovation capabilities, the company said. The Ajanta deal will further consolidate HPPL’s position in the labeling market in India, say industry analysts.
Ajanta Packaging, promoted by Sudhir and Chandan Khanna, was the pioneer and largest privately owned Pressure Sensitive label manufacturers in India. This company has manufacturing facilities in Daman (West India) and Baddi (North India).
HPPL, formerly known as Paper Products Ltd, is currently a leader in flexible packaging, labels, tube laminate webs, thermoformable laminates, promotional materials and gravure cylinders among others.
HPPL had acquired Positive Packaging Industries Ltd, then part of Nigeria-based Enpee Group, for Rs.2,015 crore in 2014. The company became the largest labelling company in India in 2012 through another acquisition. It acquired majority stake in Webtech, a leading player in premium labels in 2012.
HPPL chairman Suresh Gupta had said in a recent interview that the company has been always interested in expanding into new areas through organic and inorganic routes. "We are looking for acquisitions, which can add value to our technologies and helps getting into new areas of packaging business," he said.
