The business will be consolidated into the Huhtamaki’s flexible packaging business in India.
The debt-free purchase price of the acquisition is nearly Rs 77.5 crores, which is expected to be closed by the end of 2019.
MMPPL has more than 160 employees at its unit. It clocked a turnover of approximately Rs 69.77 crores in 2018.
Huhtamaki has 79 manufacturing units and in addition to it are 24 sales offices in 35 countries. In 2018, Huhtamaki’s net sales totalled Rs 24,000 crores.
The acquisition will enable Huhtamaki to speed up its growth in India by improving its capability to serve the customers in South India.