Essel Propack, a global leader in laminated plastic tubes catering to the FMCG & Pharma space, has divested its wholly owned subsidiary, Packaging India (PIPL) to Amcor Flexibles India with immediate effect. The enterprise value of the divested business is Rs 165 crore. The agreement has been signed and the deal is completed for full cash consideration.
The divestment is part of company’s strategy to exit non-core adhesive lamination packaging business and pursue growth opportunity in its core tube packaging business which has great potential across the globe in Beauty & Cosmetics, Pharma & Health and Food categories.
The deal will provide PIPL and its talent an opportunity to further grow and prosper in the flexible packaging space as part of Amcor, an Australia listed global packaging company engaged in flexible and rigid packaging.
