Manjushree Technopack Limited (MTL) is acquiring commercial operations and manufacturing facilities of Classy Kontainers as it is entering into a business transfer agreement with a latter one. The company announced the same on Monday. Manjushree Technopack is the largest rigid plastics packaging company in India, which is backed by private equity firm Advent International. Through the proposed acquisition, the company is trying to consolidate its position in the market. Manjushree Technopack will have access to all production units of Classy Kontainers. The facilities of the Classy Kontainers are located in the five cities and serves the clientele in various segments like paints, adhesive, speciality chemicals, FMCG and more. MTL has vast experience, spanning over four decades in the country. MTL caters to the packaging requirement of the FMCG, Food & Beverages, Homecare, personal care, agrochemical, pharmaceutical, and liquor industries. The company has a manufacturing capacity of 1.9 lakh million tonnes per year, with an annual turnover of Rs 1,200 crore. MTL is one of the top mid-sized plastic players in India. It exports to more than two dozen countries in the globe, having more than 100 machines for injection moulding with more than 300 patents. The company has manufacturing facilities in Baddi (Himachal Pradesh), Pantnagar (Uttrakhand), Guwahati (Assam), Noida (Uttar Pradesh), and Bidadi & Bommasandra, Bangalore (Karnataka). "The acquisition is in line with our aggressive, inorganic growth and business diversification plans," said Sanjay Kapote, MD & CEO of Manjushree Technopack. "It will allow us to consolidate our position as leaders in the rigid packaging sector and diversify our presence into new rigid packaging market segments - paints, adhesives, and specialty chemicals space." MTL’s technological strength, product range, and geographical spread, coupled with Classy Kontainers’ robust business will help us deliver complete packaging solutions to our customers in the future, he added. "Post-closing of the transaction, the promoters will continue to work with MTL to ensure a smooth transition and future business growth." Classy Kontainers is one of the largest custom-molded rigid packaging suppliers in India, which has expertise in HDPE & PP packaging. Class Kontainers has a production capacity of more than 12,000mt polymer processing. “Classy Kontainers is a pioneer when it comes to innovative solutions for rigid packaging in India with a passion for customer service," said Rajiv Mehta, partner at Classy Kontainers. With the strength of our team and MTL’s nationwide customer base in every segment we are confident this partnership will add tremendous value to our customers and help us take the business to the next level of growth, he added. Khaitan & Company was the legal advisor for the MTL, while Cyril Amarchand Mangaldas and Unaprime Investment Advisors acted as the legal counsel for Classy Kontainers. In the financial year 2019, the company clocked a revenue of Rs 1,154.39 crore, with an EBITDA of Rs 216.63 crore. It reported a net profit of Rs 498.57 crore in FY2019, whereas the EPS moved northwards to Rs 36.80.