Jindal PolyPack, a wholly owned subsidiary of Indian conglomerate Jindal PolyFilms, has acquired 100 percent shareholding of labelstock manufacturer SMI Coated Products for 25 million USD.
As per reports, SMI had recorded a turnover of 35 million USD in FY 2020-21. The equity value payment by Jindal PolyPack to SMI would be 99.65 around 13 million USD after adjustment of net debt and debt like items.
Jindal PolyFilms Limited is a part of the 2 billion USD B.C. Jindal Group, which offers a wide range of products and solutions. The group is involved in diverse businesses including polyester and polypropylene films, power generation, cold rolled steel strips, galvanised sheets and claims to be the eighth largest BOPET film manufacturer in the world.
SMI produces 100 million sqm of labelstock per annum, exporting to 22 countries with a slitting and distribution company established in Jebel Ali, Dubai, UAE.