JK Paper to acquire Manipal Utility Packaging Solutions for Rs 90 crore
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Oct 17, 2023 | Page No.: 10 | Position: Top Right | Source: PTI | Sq Cm: 109 | AVE: 65519 | PR Value: 327595
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14‘41 11 a1 ay JK Paper to acquire Manipal Utility Packaging Solutions for Z90 crore PTI ¦ NEW DELHI K Paper Ltd on Monday said it will fully acquire Manipal Utility Packaging Solutions Pvt Ltd for nearly Rs 90 crore The company has entered into a share purchase agreement SPA for the acquisition of 100 per cent shares of Manipal Utility Packaging Solutions Pvt Ltd MUPSPL JK Paper said in a regulatory filing Under the SPA JK Paper will acquire 4 07 crore equity shares representing 100 per cent of capital of MUPSPL at Rs 21 80 per equity share of Rs 10 each subject to adjustments as per terms of agreement it added The acquisition is expected to be completed within six weeks of execution of the SPA with the target entity and its pro- moters shareholders subject to moters shareholders subject to fulfilment of conditions men- tioned in the SPA the compa- ny said JK Paper Vice Chairman and Managing Director Harsh Pati Singhania said This acqui- sition is in line with the long- term strategic objective of the company in the packaging busi- ness and gives us an opportuni- ty to offer combined solution to the customers with respect to secondary and tertiary packag ing improve operational effi ciencies and ensure that MUP- SPL grows and adds value to stakeholders MUPSPL is engaged in the business of manufacturing pack- aging products like folding car- tons corrugated boxes and labels with four manufacturing plants across India It had a revenue of Rs 147 77 crore in FY 2022-23 the company said Packaging business is amongst the fastest growing segments in the Indian paper and packaging industry driven by growth in end use industries such as food and beverage and FMCG it added