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Plastic packaging leader Manjushree Technopack Limited to acquire Classy Kontainers
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Manjushree Technopack buys packaging co Classy Kontainers
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India: PE-backed Manjushree Technopack to buy Classy Kontainers
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Synopsis
Kedaara Capital has invested Rs 200 crore in the company in 2015 to buy about 25 percent stake held by another private equity firm, ChrysCapital.
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Global private equity fund Warburg Pincus has acquired a majority stake in Parksons Packaging Limited, India’s largest independent folding carton manufacturer.
As part of the transaction, existing private equity investors - Kedaara Capital, Olza Holdings Limited and IIFL, have fully exited their investment in Parksons and the promoters Kejriwal family has sold a partial stake, said a company statement.
Ramesh Kejriwal, Siddharth Kejriwal and Chaitanya Kejriwal will continue to retain their current positions of Chairman, Managing Director and Joint Managing Director, respectively, and will drive the business going forward.
Industry raises concerns about single-use plastic ban proposals; asks for uniform state-level implementation
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Synopsis
Representatives from the packaging industry said a uniform central government notification needs to be followed by the entire country to avoid hurdles in implementation of the ban.
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Executives from consumer-facing sectors directly impacted by the centre’s proposals banning single-use plastic to curb the menace of plastic pollution, said they will write to the government expressing concerns on some of the proposals, inconsistent state-level regulations, and said some alternate options like wood may escalate packaging costs.
“Some of the amendments are likely to have serious ramifications for the industry, SMEs included, and may derail the ongoing efforts to get the economy back to track post the pandemic,” said Rajesh Ramakrishnan, managing director at Perfetti Van Melle India which leads the Rs 12,000-crore domestic confectioner