CCI approves share-swap for SB Packaging acquisition of C-Flex India entities

Constantia Flexibles to be issued shares in SB Packaging

SB Packaging
(L to R) Rohitt Mutthoo of Premji Invest, R Senguttuvan of Premji Invest, Saurabh Jain, chief executive officer of SB Packagings, Madhavan Ganesan of Premji Invest, Rajesh Ramaiah of Premji Invest, Amit Banga managing director of SB Packagings, Nikhil Tambolkar of Premji Invest. Photo PSA

The Press Information Bureau of India reported on 3 April 2023, that the Competition Commission of India (CCI) has approved the share-swap for the acquisition of the C-Flex India entities by SB Packaging from C-Flex, in consideration for which C-Flex will be issued certain shareholding in SB Packaging.

The proposed combination relates to the acquisition of the entire shareholding of Constantia Flexibles Sales B.V. (C-Flex/Seller) in Parikh Packaging Private Limited (Parikh Packaging); Creative Polypack Private Limited (Creative Polypack); Aparna Paper Processing Industry Private Limited (Aparna Paper); Vibgyor Printing and Packaging Private Limited (Vibgyor); and Parikh Flexibles Private Limited (Parikh Flexibles) by SB Packagings Private Limited. Parikh Packaging, Creative Polypack, Aparna Paper, Vibgyor and Parikh Flexibles are each a ‘Target’, and together, they are referred to as the ‘Targets’ or the ‘C-Flex India Entities’.

Acquisition of certain shareholding in SBP by C-Flex as consideration for the Proposed Transaction.

SB Packagings Private Limited is engaged in the manufacturing of flexible packaging materials. SBP is a portfolio entity of PI Opportunities Fund I Scheme II (“PIOF Scheme II”), which is a fund owned and controlled by the Premji Invest Group.

C-Flex group is engaged in the production and sale of flexible packaging materials. C-Flex is ultimately owned and controlled by WENDEL S.E. (“WENDEL”) In India, C-Flex only has presence through the C-Flex India Entities. WENDEL is engaged in the acquisition and management of investment portfolios.

Each of the Targets are engaged in the manufacturing of flexible packaging materials and prominently cater to customers that operate in both food and non-food product segments. The press release states that the detailed order of the CCI will follow.


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