India-based JK Paper has confirmed it will acquire Horizon Packs Private Ltd and Securipax Packaging Private Ltd in phases, for about Rs 578 crore (approximately US$71m).
HPPL and SPPL are leading corrugated packaging manufacturers in India, with seven plants across the country.
“JK Paper has entered into a share purchase and shareholders’ agreements for the acquisition of 85% of the shares of Horizon Packs Private Ltd (HPPL) and Securipax Packaging Private Ltd (SPPL), and the balance of 15% within three years as per the respective SPSHAs,” the company filing stated.
Established in 2021, Horizon Packs is headquartered in Mumbai and has six plants across India. Delhi-based SPPL, founded in 1980, has its manufacturing facility at Roorkee.
“It is a privilege to join hands with India’s largest player in the corrugated packaging sector. This together with JK Paper’s upcoming corrugated facility in Ludhiana will establish the company as the largest player in the corrugated packaging industry,” said Harsh Pati Singhania, Vice Chairman and Managing Director, JK Paper.
He said that the shift in consumer preferences is driving demand for superior quality and eco-friendly packaging.