Advent International, headquartered in Mumbai, one of the largest and most experienced global private equity investors, along with Kedaara Capital, one of the largest home-grown domestic private equity investors, and Manjushree Technopack declared that Advent has invested in Manjushree Technopack Ltd., which is the largest rigid plastic packaging solution provider. Advent purchased all the shares of Kedaara Capital and a portion of the Kedia family’s stake in Manjushree Technopack. Vimal Kedia, Founder and Managing Director, Manjushree and the other senior management team of the company will continue in the business.
Manjushree Technopack Limited, Bengaluru based company, is South Asia’s largest PET bottle and preform manufacturing company. The company caters to the packaging needs of the FMCG, pharmaceutical and liquor industries, and some of the biggest brands in these segments, that include Coca-Cola, PepsiCo, Mondelēz, Reckitt Benckiser, Dabur, L’Oréal, Unilever, Nestlé, Heinz, Tata Global, Marico and many more.
With a total production capacity of over 150,000 MT per annum, the company has a turnover of INR 8.9 billion (US$127million) for the fiscal year ended March 31, 2018. Manjushree has bagged several awards for its excellence in packaging which includes World Star, India Star, and Asia Star. Most recently, Manjushree was also awarded the Gamechangers 2018 title by Economic Times for its continuous innovation in the industry.
Shweta Jalan, Managing Director and Head of India for Advent International, said, “Manjushree Technopack is the market leader in an industry with strong growth tailwinds. The rigid plastic packaging market is expected to expand 15% per year over the next five years, driven by underlying growth in consumer end markets, the continued shift from glass and paper to plastic packaging and the introduction of new products.”