Advent International backed Manjushree Technopack (MTL), India’s largest rigid-plastics packaging company, announced that it is entering into a Business Transfer Agreement with Classy Kontainers to acquire its commercial operations and manufacturing facilities subject to regulatory approvals

The proposed acquisition will help MTL consolidate its position as a leader in the segment while reinforcing its technical strength. MTL will have access to all production units of Classy Kontainers - located in 5 cities and serve the latter’s existing marquee clientele in the Paints, Adhesives Speciality Chemicals and FMCG segments.

MTL, with over 40 years of experience in packaging,  caters to the requirements of the FMCG, F&B, homecare, personal care, agrochemicals, pharmaceutical, and liquor industries. With a manufacturing capacity of 1,90,000 MT per annum and a turnover of around Rs 1200 crores, MTL is amongst the top mid-sized companies in India.

Speaking about the acquisition, Mr. Sanjay Kapote, MD & CEO of Manjushree Technopack Limited, said, “The acquisition is in line with our aggressive, inorganic growth and business diversification plans. It will allow us to consolidate our position as leaders in the rigid packaging sector and diversify our presence into new rigid packaging market segments - paints, adhesives, and speciality chemicals space. Given our success in acquisitions to date, we expect seamless integration of Classy Kontainers with the rest of the MTL group. We aspire to be the supplier of choice that everyone in the packaging industry turns to and will continue to deliver value for our customers.” 

He added, “MTL’s technological strength, product range and geographical spread, coupled with Classy Kontainers’ robust business will help us deliver complete packaging solutions to our customers in the future. Post-closing of the transaction, the promoters will continue to work with MTL to ensure a smooth transition and future business growth”

Mr. Rajiv Mehta, Partner at Classy Kontainers, said, “Classy Kontainers is a pioneer when it comes to innovative solutions for rigid packaging in India with a passion for customer service. With the strength of our team and  MTL’s nationwide customer base in every segment, we are confident this partnership will add tremendous value to our customers and help us take the business to next level of growth.”

Mr. Dhruman Gandhi, Partner at Classy Kontainers, “Classy kontainers focuses on engaging with its customers  to provide unparalleled speed of execution ,from design to commercial launch , that coupled with MTL,s infrastructure and experience would go a long way in reinforcing the quality of our services and enhance incremental future engagements with our customers .