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Amcor announces today the INR 1,650 million (US$ 26.4 million) acquisition* of Packaging India Private Limited (PIPL) from Essel Propack, a publicly listed specialty packaging company.
PIPL has three plants located in the North and South of India and produces flexible packaging products predominately for the food and personal care markets. The business services leading multinational and local customers and generates annual sales of approximately INR 2,500 million (US$ 40.0 million).
Amcor currently has four flexible packaging plants across the North and West of India. The acquisition of PIPL expands Amcor's footprint into Southern India, increases the local talent pool and adds to the existing blown film and cylinder making capabilities.
Amcor's Managing Director and CEO, Ron Delia said: "India is a very attractive market for flexible packaging driven by strong economic growth, favourable demographics and rapidly changing retail formats.
"The PIPL acquisition provides an opportunity to further expand Amcor's customer base and enhance our unique value proposition in this important, high growth market."
*Agreement signed and acquisition closed on the same day.
