JK Paper – maker of branded copier paper, coated paper and packaging boards – will acquire a controlling 72% stake in folding carton manufacturer of Goa-headquartered Borkar Packaging for about Rs 235 crore (US $27 million) in cash consideration, according to a company stock exchange filing quoted by the financial media. This is the fifth acquisition of JK Paper, a unit of the Singhania family-led JK Group, in the carton and corrugated packaging sector in the past several years.
Of the 72% stake, JK Paper will acquire 65.7% from existing shareholders and 6.3% via subscription to fresh equity shares in Borkar. The remaining 28% would be acquired over the next four years, subject to conditions.
VC Circle quoted Harsh Pati Singhania, chairman and managing director at JK Paper, as saying, “The acquisition of BPPL is in line with the long-term strategic objective of the company and gives us an opportunity to offer combined solutions to customers with respect to secondary and tertiary packaging.”
Founded in 1945, Borkar offers monocartons, litho–laminated fluted cartons and corrugated shippers – to companies such as Unilever, Colgate, Nestle, Dabur, Alkem Laboratories, Indoco Remedies. It has factories in eight locations in Goa, Pune, Daman, Himachal Pradesh, Kolkata and Puducherry.
JK Paper had previously acquired Horizon Pack, Securipax Packaging, Manipal Utility, and Radheshyam Wellpack–all in the carton and corrugated packaging category.
In the first quarter ended June 2025 (FY2024-25), JK Paper reported a decline of 39.32% in its consolidated net profit to Rs 85.43 crore, on account of low sales realization and high wood pulp prices. The company had a net profit of Rs 140.79 crore in the same quarter a year ago.
Revenue from operations slipped 2.3% to Rs 1,674.16 crore in the June quarter of FY26. It was Rs 1,713.65 crore in the corresponding quarter of FY25, PTI reported.
