As per the growth plan of Ahmedabad-based Canpac, which is to commission its plant in Kolkata in January 2022, it has acquired the city’s Manisha Creations business. The strategic acquisition of Manisha Creations is expected to bolster Canpac’s new eastern India plant expansion plans.
It should help the company quickly scale operations as Canpac will now be present in Western, Southern, and Eastern India. Nilesh Todi, managing director of Canpac, states, “Our Kolkata unit will be fully stacked with two new generation KBA’s and the best in class post-press facilities.”
Manisha Creations is a 14-year-old company with a top line of around Rs 50 crore in folding cartons for brands in the Kolkata market. The acquisition of Manisha Creations is a mix of cash and equity in Canpac. As part of the agreement, Manisha Creations will discontinue its current operations and move all existing business to Canpac’s new unit taking advantage of the newly purchased latest technology and machinery. In addition, the alliance with Canpac will see Anirudh Khemka, director and partner of Manisha Creations, bring with him his industry knowledge, regional expertise, and lean management know-how to Canpac’s Kolkata Plant. On the closing of the agreement that has been in discussion for some time, Khemka, “We both are very excited to take this strong partnership ahead to maximize our market share in East India.”
Canpac intends to start operations in the new plant by early 2022. The revenue target for the Kolkata plant is Rs 150 crore in the next three years.
