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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
Record : 1 / 1
