Malaysia-based private equity firm Creador, managing assets worth $1.5 billion, has invested ₹250 crore in Indian pharmaceutical packaging firm Shriji Polymers (India) Ltd.
Shriji’s product portfolio includes high-density polyethylene bottles, polypropylene caps–both continuous thread and child resistant–and other speciality plastic products such as derma bottles, tablet applicators, dosing cards and self-administered metered dosing devices.
The company’s manufacturing facilities are located in key markets across India, the US, and China.
The deal signifies the interest of private equity players in this pharma allied industry of packaging, given India’s cost advantage and policymakers’ efforts to boost domestic manufacturing.
“With this investment, Creador acquires what it called a ‘significant minority stake’ in the company, buying out existing domestic and international institutional investors through its affiliate Sundara (Mauritius) Ltd,” Anand Narayan, managing partner – Creador Advisors India LLP, said in a statement.
The quantum of stake acquired was not detailed.
This is also in line with Prime Minister Narendra Modi’s call for Atmanirbhar Bharat
“We will continue to make significant investments in India supported by the recent government initiatives of ‘Make in India’ catering to domestic and exports,” Anand Bangur, founder and managing director of Shriji said.
Prime Minister Modi in May had remarked that self-reliance will prepare the country for tough competition in the global supply chain, and it is important that India wins this competition during the health crisis.
“Partnership with Creador provides us a significant opportunity to accelerate our growth plans including adding new valued-added products, continued focus on import substitution, expansion of geographic footprint and diversification of customer base”, Shriji co-founder and joint managing director Vishnu Jajoo said.
