Bangaluru based Manjushree Technopack (MTL), India’s largest rigid plastics packaging company backed by Advent International, announced entering into a Business Transfer Agreement with Pearl Polymers to acquire commercial operations and manufacturing facilities of their B2B vertical. This transaction is subject to customary closing conditions and regulatory approvals.
According to the press release, Manjushree was advised by Khaitan on this deal while Pearl Polymers was advised by JSA. Ernst & Young Global (EY) was the exclusive financial advisor to Pearl Polymers.
With over 40 years of packaging expertise in India, Manjushree Technopack fulfills the packaging requirements of the FMCG, food and beverage, home care, personal care, agrochemicals, pharmaceutical, liquor industries, and works with some of the biggest brands in these segments. These include Coca Cola, PepsiCo, Cadbury, GlaxoSmithKline, Procter & Gamble, Nestle, Heinz, Unilever, Tata Consumer Products, Marico, USL, Diageo, and many more. Manjushree has a manufacturing capacity of 1,75,000 MT per annum and a turnover of over Rs 1100 crore.
According to the press statement, Pearl Polymers’ B2B business’s proposed acquisition will help MTL consolidate their leadership position in the container segments while reinforcing its technical strength.

Sanjay Kapote, chief executive officer of Manjushree Technopack, said, “The acquisition announced is in line with our strategy to grow and diversify our business. Acquiring the B2B business from Pearl Polymers will allow us to consolidate our leadership position in the rigid packaging sector. We expect a seamless integration of the acquired business with the rest of the MTL group given the success we have achieved in our acquisitions to date. The proposed acquisition is in line with Manjushree’s aggressive inorganic growth plans. Manjushree aspires to be the employer and partner of choice, we will continue delivering deep value for our customers, post consummation of the transaction.”
“The combination of our technological strength, product range and geographical spread with Pearl Polymers’ robust container business will help us deliver an extended containers portfolio and areas of expertise to our customers in the future,” he added.
Chand Seth, chief managing director of Pearl Polymers, said – “Pearl polymers is the pioneer and was instrumental in creating the market for PET packaging in India. With its customer spread across India and in every segment of the market, we believe that this acquisition will bring great value. Our clients will continue to receive the same high-quality services that they have come to expect for the last 36 years. This deal will allow us to focus and grow the well-known PearlPET brand to new levels. We expect to launch many new product lines in the future.”
With the consummation of the proposed transaction, Manjushree will have access to four of Pearl Polymers’ production units and serve Pearls’ existing customer base, including marquee clientele in the FMCG, liquor, and pharma segments.
The pandemic consolidation
Pearl Polymers is a public company with shares listed on the Bombay Stock Exchange. Over the last couple of years its share price has hovered around Rs 15. It went up to Rs 21 last month (August 2020) and is currently above Rs 18.
Its profitability has been under pressure for the past year with a turnover in most of these years around Rs 178 crore level and profits at either zero in FY 16 and FY 17 and losses of 1, 4 and 11 crores in the subsequent FY18, FY19 and FY20 respectively. The results in FY 2019-20 has seen a marked drop in turnover to Rs. 139 crore from the previous year’s Rs. 178 crore. While the company has stagnated for some years it is possible that the downturn in the economy since the pandemic and lockdown has accelerated its acquisition by a bigger player.