Marine logistics company Oricon Enterprises (OEL), a flagship company of Parijat Enterprises, will be acquiring 70% stake in India-based Oriental Containers for $16.77m (INR105cr).
OEL will buy the company from its Mauritius-based joint venture partners OC Holding, which will make it a wholly owned subsidiary of OEL.
The company had previously announced the acquisition, saying it would be funded through its internal resources and borrowings including interest free loans from directors.
Oriental Containers specialises in producing a range of closures including crowns, plastic beverages and water closures, ROPP Caps, chamfered caps, aluminium collapsible tubes and other packaging products. It has manufacturing facilities in Maharashtra and Goa.
The company supplies its products to industries including beverages and water, FMCG, breweries and distilleries. A few of its clients includes companies like Pepsi, United Spirits, United Breweries, Heineken, Diageo, Bisleri and Unilever.
The company exports its products to more than 40 countries including Asia, Middle East, Far East and Africa.
OEL that is involved in marine logistics, packaging, automobile distribution and petrochemical through its subsidiaries, is said to have a turnover of nearly INR1000cr. The company also holds around three acres of land parcel in Worli, Mumbai.
OEL was known as Oriental Containers before it was acquired in 1968. At that time, it was mainly into packaging, real estate and petrochemicals. In September, 2006, the company entered into a 30:70 joint venture with private equity firm Navigate Mauritius for its packaging division following which, the new joint venture was called Oriental Containers.
