Ansa Folding Carton (AFC) acquired a strategic stake in Rich Printers Private Limited (RPL) at an enterprising value of 117 crore.
The company said that the combined entity will now operate five paper conversion manufacturing plants in India, making it the largest pharmaceutical folding carton producer in the country.
The newly formed entity will possess an impressive paper conversion capacity of 40,000 tons next year and is committed to doubling its size in the years to come. It will operate nine facilities strategically situated across key Indian states, including Maharashtra, Gujarat, Himachal Pradesh, West Bengal, and Sikkim, the company added in a release.
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“Rich Group is excited to join hands with the Ansapack Family,” said Tushar and Nayan Shah in a joint statement, Directors of Rich Printers. “ We (at Rich) have had a heritage of serving our customers in the folding carton manufacturing space and see parallels with AFC who have had a similar long-standing reputation. AFC’s deep understanding of the domestic market, their vision of sustainable growth, and other complimentary business verticals in the pharma packaging space within the group make them the clear choice for partnering.“
Gautam and Aditya Agarwal of AFC emphasised that this partnership would fortify their manufacturing capabilities and underscore their steadfast commitment to offering circular and sustainable product solutions aligned with the vision of becoming a global supply hub for converted paper products. The acquisition is a pivotal step in AFC’s strategic growth plan, highlighting its dedication to expanding operations pan India. The organisation remains committed to exploring inorganic growth opportunities to serve the evolving needs of its customers.
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