TCPL Packaging Ltd, one of India’s leading producers of sustainable packaging solutions, has confirmed its Board of Directors has approved the acquisition of a majority stake in Creative Offset Printers Private Ltd.
TCPL has entered into a definitive share purchase agreement to acquire 60% equity stake of COPPL. The completion of the transaction is subject to satisfactory accomplishment of certain conditions precedent.
With this acquisition, TCPL enters into the rigid box market, focused on one of the fastest growing smartphone markets in the world. COPPL’s manufacturing facility is strategically located at Noida to target the large upcoming mobile manufacturing hub in India.
With both companies having manufacturing facilities in close proximity, TCPL anticipates deriving notable synergies including rationalisation and optimisation 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. This acquisition complements our existing business model and offers us many synergistic opportunities that should play out over the next few quarters.”
