Mumbai, Aug 16 (PTI) Rigid plastics packaging player Manjushree Technopack on Monday said it will acquire Classy Kontainers to consolidate its market position.

Manjushree, which is backed by PE firm Advent International, in a statement said that it is entering into a definitive agreement with Classy to acquire the latter's commercial operations and manufacturing facilities. It, however, did not reveal the deal size.

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The deal will give Manjushree, which has a revenue of over Rs 1,200 crore, access to Classy's five production units and also Classy's customers in the paints, adhesives, speciality chemicals and fast moving consumer goods segments, it said.

Manjushree Technopack (MTL) caters to the packaging requirements of the FMCG, food and beverages, homecare, personal care, agrochemicals, pharmaceutical, and liquor industries with a manufacturing capacity of 1,90,000 MT per annum.

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"The acquisition is in line with our aggressive, inorganic growth and business diversification plans. It will allow us to consolidate our position as leaders in the rigid-packaging sector and diversify our presence into new rigid packaging market segments," Manjushree's managing director and chief executive Sanjay Kapote said.

"With the strength of our team and MTL's nationwide customer base in every segment we are confident this partnership will add tremendous value to our Customers and help us take the business to next level of growth,” Classy's partner Rajiv Mehta said.

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