Essel Propack, a unit of the Mumbai-based Essel Group, is learnt to be in talks to acquire a packaging unit of Alcan. If successful, the deal would catapult Essel to the top position in personal care packaging.
Senior Essel Propack executives have been in talks with Alcan Packaging Beauty, after the Montreal-based Alcan said it plans to sell its packaging unit as part of a restructuring exercise, said sources close to the development. While the deal’s financial size couldn’t be ascertained, Alcan Packaging had posted sales of $800 million last year.
The Mumbai-based company has shown interest in buying out packaging units to gain a robust presence in packaging and laminated tubes, aluminium-made tubes used by toothpaste and other consumer goods makers. Last month, Essel said it would participate in the rehabilitation and revival of Ras Propack Lamipack and Ras Extrusion, both declared as sick by the Board of Industrial and Financial Reconstruction.
(Source: Economic Times)
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