Flexible packaging films major Jindal Poly Films (JPFL) has acquired 100% stake in SMI Coated Products for $25.4 million. SMI which recorded a turnover of $35.6 million in FY20-21 would receive around $13 million as equity value payment from the acquirer after adjustment of net debt and debt-like items.
Mumbai-based SMI Coated Products is the largest homegrown Indian label stock manufacturer with a capacity to convert 1,350 tonnes of paper monthly with seven coaters. The rapid growth in the Indian label industry made SMI an organized exporter of pressure-sensitive label stock. With exports to over 20 countries, the company produces around 100 million sqm of label stock annually, with a slitting and distribution centre at Dubai’s Jebel Ali for the Middle East and Africa markets.
Taking to social media, Corporate Director of SMI Coated Products Rohit Mehta spoke of his company’s acquisition as a tough decision to make as change was inevitable. “Life must go on and we embrace this change with full knowledge and understanding that SMI will grow in times to come. As the new torchbearers take over, we are confident of handing over the baton to a company that will take SMI, its team, and the industry to greater heights,” adds Mehta.
Jindal Poly Films is part of the $2 billion BC Jindal Group, one of India’s leading business conglomerates engaged in diverse portfolio of businesses such as steel pipes and products, flexible packaging films, photographic materials, and thermal power generation. Jindal Poly Films is engaged in the business of manufacturing flexible packaging films at Nasik in India. With a presence in 95% of the world markets through its distribution network spanning 40 countries, JPFL is the 8th largest BOPET manufacturer in the world with its Nasik manufacturing plant, the world’s largest single-location facility for the production of BOPET and BOPP films.
