Manjushree Technopack to acquire Hitesh Plastics

Advent International-backed Manjushree Technopack (MTL) on Wednesday announced that it will acquire caps and closures manufacturer Hitesh Plastics for an undisclosed sum in a slump sale.

MTL will strengthen its position as an integrated rigid plastic packaging player with the acquisition, which will also help it add two plants in Maharashtra's Jalgaon, according to an official statement.

The company's consolidated manufacturing capacity will exceed 2 lakh MT per annum and strengthen its market leadership, it said.

The company's current manufacturing capacity is 1.90 lakh MT per annum and its annual turnover is around Rs 2,000 crore.

''To date, caps and closures has been the missing piece in MTL's product suite for the beverages segment, and we are excited to add it to our portfolio in a sizable and margin accretive manner through the acquisition of Hitesh Plastics,'' Thimmaiah Napanda, managing director and chief executive of MTL, said.

''Given the complementary portfolio of products, this combination (with MTL) shall be able to offer the entire solution to our beverage customers and convenience in overall sourcing,'' Hitesh Plastics' promoter Kanhaiyalal Mundhra said.