Oricon Enterprises acquires 70% in JV at Rs 105 cr

Marine logistics company Oricon Enterprises Ltd (OEL) has acquired 70 per cent stake in Oriental Containers Ltd (OCL) from its joint venture partners OC Holding Ltd, Mauritius, at a consideration of Rs 105 crore. With this, OCL has become, OEL's 100 per cent subsidiary.

Confirming the development, B M Gaggar, CFO of OEL, said, "We have run this business for over four decades. The acquisition of stake in a joint venture to make it a subsidiary, will add to the profit of OEL."

Engaged through its subsidiaries in the business of marine logistics, packaging, automobile distribution and petrochemical, OEL has a consolidated turnover of nearly Rs 1000 crore. Also, the company holds nearly three acres of land parcel in Worli, Mumbai, which is slated for development in the near future.

OCL is the largest manufacturer of a wide range of closures, which includes crowns, plastic beverages and water closures, chamfered caps, aluminium collapsible tubes and other packaging products at its manufacturing facilities in Maharashtra and Goa.

The Company has a technical collaboration with Silgan Holdings Inc. USA, for manufacturing speciality caps (wide mouth caps), which are used for packaging of jams, pickles, gherkins etc.

OCL supplies its products to various industries like beverages and water, FMCG, breweries and distilleries. Leading customers include Pepsi, United Spirits, United Breweries, Heineken, Diageo, Bisleri, Unilever and others.

The company's products are exported to more than 40 countries covering Asia, Middle East, Far East and the African continent.