Rave’s Heidelberg Foilstar in operation in Manesar

Shiv Bhatnagar, chief operating officer of Rave India, with the Heidelberg Speedmaster CD 102-6 colour plus coater UV combination press with Foilstar at the Manesar establish. Photograph PSA

Divestments, mergers, acquisitions, articulation ventures and investments Essel divests Packaging India – Amcor keeps growing in India Mumbai, 13 July 2022 – Essel Propack Limited, a global leader in laminated plastic tube production for FMCG and pharma products, announced the divestment of its wholly owned subsidiary, Packaging India Pvt. Ltd. (PIPL) to Amcor Flexibles Bharat Pvt. with immediate outcome. Co-ordinate to the company's statement, the enterprise value of the divested business is Rs.165 crore and the understanding has been signed and the deal completed for full cash considerationAccording to the company's argument, the enterprise value of the divested business is Rs.165 crore and the agreement has been signed and the bargain completed for total greenbacks consideration. Nevertheless, the amount received for the divestment has not been disclosed. The divestment is function of the visitor's strategy to exit not-core adhesive lamination packaging businesses and pursue growth opportunities in its core tube packaging business concern in new segments globally, including the beauty and cosmetics, pharma, health and food categories.

Ashok Goel, vice chairman and managing director of Essel Propack Limited, states, "The divestment of Packaging Republic of india Pvt. Ltd. is in line with our strategic determination to intensify focus on the core tube packaging concern globally including India. We are noticing a meaning growth in the demand of laminated tubes across categories. This decision will help united states of america to further strengthen our expertise in tube packaging business and deleverage."

With a turnover of over The states$ 350 one thousand thousand Essel Propack is a role of the Mumbai-based U.s.a.$ two.4 billion (approximately Rs. 15,000 crore) Essel Group, the specialty packaging company manufacturing laminated plastic tubes for the FMCG and pharma space. Employing over 2600 people representing 25 different nationalities, Essel Propack functions through 25 country of the art facilities in xi countries, selling more 6 billion tubes.

Dominant in the oral care market in volume terms globally, Essel Propack is the earth's largest manufacturer with units operating in the USA, Mexico, Colombia, Poland, Deutschland, Egypt, Russia, China, Philippines and India. The company is increasingly moving into segments such every bit beauty and cosmetics and inaugurated its 5th constitute in People's republic of china in Suzhou in Dec 2022 specializing in these segments.

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