TCPL Packaging, one of India’s leading producers of sustainable packaging solutions for customers across industries, has acquired a majority stake in Creative Offset Printers (COPPL). The company has entered into a definitive share purchase agreement of acquiring a 60% equity stake of COPPL. The completion of the transaction is subject to satisfactory accomplishment of certain conditions precedent.
With this acquisition, TCPL entered into the high potential rigid boxes segment focused on one of the fastest-growing smartphone markets in the world. COPPL’s manufacturing facility is strategically located at Noida to target India’s large upcoming mobile manufacturing hub. After becoming the second-largest mobile manufacturing country in the world a few years back, India aims for the top position with production-linked schemes (PLI) to attract global majors. This augurs well for the high-end, rigid box manufacturing sector catering to the mobile industry.
TCPL enhances future growth prospects
The acquisition is aligned with TCPL’s strategic objective to grow by leveraging its scale and institutional capabilities in a largely unorganized industry. With both entities having manufacturing facilities in close proximity, TCPL anticipates deriving notable synergies, including rationalization and optimization of various costs.
Commenting on the acquisition, Saket Kanoria, managing director, TCPL Packaging, said, “We are delighted to announce the acquisition of a majority stake in COPPL, which is a strategic step towards enhancing the company’s future growth prospects. With this acquisition, TCPL has entered into the high potential rigid boxes segment that primarily caters to one of the fastest-growing smartphone markets in the world. This tuck-in acquisition complements our existing business model and offers us many synergistic opportunities that should play out over the next few quarters. We would also like to welcome on board the promoters and senior management of COPPL and look forward to achieving larger scale in this business together.”