Shish Industries acquires multiple businesses
Shish Industries has announced the acquisition of three businesses basis the decision taken by the board of directors of the company in their board meeting held on 29 August 2023. The present expansion plan comprises the incorporation of its wholly owned subsidiary Varni Wood and Paper Packaging, acquisition of Varni proprietary concern machinery, most of the employees, brand, clients and existing running business, similarly Tapeplast Industries, a partnership firm and Stick at Touch, a prominent proprietorship entity.
06 Sep 2023 | By Rahul Kumar
This strategic move is aimed at expanding the company's product offerings to include wood and paper packaging products, tarpaulin products and paper, polyester, Maplitho stickers and thermal Stickers alongside its existing plastic packaging offerings.
The combined turnover from all three companies acquired as of 31 March 2023, is approximately Rs 18-crore. These additional products shall continue to be offered to existing clients and shall also offer Shish Group to offer new additions in product offerings to its own existing clients. Thus, the company is expecting a much bigger turnover beyond the existing INR 18 Crores turnover of acquired interests.
Satishkumar Maniya, chairman and managing director, Shish Industries expressed enthusiasm about these developments, stating, “The incorporation of Varni and the strategic multiple acquisitions, underscore our dedication to innovation and growth. We are excited to broaden our product offerings and increase our operational efficiencies. We will continue our strategies to expand organically and inorganically in coming times.”
Rameshbhai Kakadiya, whole-time director, Shish Industries, said, “Shish Industries is excited to embark on this new phase of growth and is confident that these strategic decisions will further enhance its position in the packaging industry. The acquired businesses bring unique propositions and help us leverage our existing client network and operational efficiencies. The company remains committed to delivering high-quality packaging solutions that meet the evolving needs of its customers.”
Varni is being established with the purpose of acquiring 100% ownership of the business previously operated as a sole proprietorship under the name Varni Packaging. By incorporating Varni, Shish Industries is poised to harness the growth potential within the wood and paper packaging sector, further solidifying its position as an industry leader. This move underscores the company’s commitment to diversifying and enhancing its product range and capitalising on evolving market demands.
In addition, the company has also received approval for the acquisition of state-of-the-art machinery from Tapeplast Industries, a partnership firm. The machinery itself will enable the company to carry out the manufacturing of tarpaulin in-house. This strategic investment empowers the company with greater control over its production processes and enhances its ability to meet customer expectations efficiently.
Furthermore, the company is set to expand its manufacturing capabilities through the acquisition of machinery from Stick at Touch, a prominent proprietorship entity. This machinery will enable the company to manufacture a diversified range of products including paper, polyester, Maplitho stickers and thermal stickers at its own facilities.