Manjushree Technopack expands pan-India by acquiring Varahi

Manjushree Technopack, the Bengaluru-based rigid packaging and preform manufacturer, has acquired Varahi Ltd’s rigid packaging business for an undisclosed amount. This strategic acquisition, a first for Manjushree Technopack, further strengthens its lead as the largest rigid packaging solutions provider in India with a consolidated turnover of approximately Rs 800 crore. 

Varahi has five manufacturing facilities at Delhi, Noida (Uttar Pradesh), Manesar (Haryana), Baddi (Himachal Pradesh), Pantnagar (Uttarakhand). Manjushree, which is setting up plants in Haridwar and Guwahati to expand its operations in the northern & north-eastern states, has been working on a plan to spread its business across India. With the Varahi acquisition and its new plant in East India, Manjushree has established a pan-India presence with eight manufacturing units across South, North and East India. 

Manjushree’s client base, which includes various global and domestic leading consumer companies such as GSK, Coca-Cola, Pepsi, Nestle, Mondelez, Reckitt Benkiser, and USL amongst others, will further get diversified through the addition of Varahi’s esteemed client base such as Dabur, Bajaj Corp, SC Johnson, Perfetti and Patanjali amongst others. 

With presence across multiple packaging technologies and a pan India presence, Manjushree today offers a one-stop shop packaging solution to companies in consumer and healthcare space across the country. 

Vimal Kedia, managing director, Manjushree Technopack, said, “This is a significant milestone for Manjushree as it marks our first strategic acquisition. Varahi has a 40 year old legacy and we were impressed by their client base and manufacturing capabilities. Acquisition of Varahi’s rigid packaging business is a win-win situation for customers and Manjushree as it will enable us to cross-sell world-class packaging solutions to Manjushree and Varahi’s customers and establish our strong foothold in north India. This will further strengthen our leadership position as a 360 degree rigid packaging solutions provider for consumer and healthcare companies across India.”

Manjushree Technopack, which registered a turnover of approximately Rs 550 crores, caters to the needs of leading companies across consumer and healthcare sectors in India and several other export markets by providing them a one-stop shop for their rigid packaging needs. While the company came out with an IPO in 1995, it delisted from the stock exchange in 2015 and raised private equity funding from Kedara Capital. Today, it is the largest PET bottles and preforms manufacturer in South Asia with a capacity of over 80,000 metric tonnes.