Company Overview
Manjushree Technopack Limited (MTL) is the first and largest Indian manufacturer of rigid plastic packaging. It was established in 1983 with the help of Surendra Kedia and Vimal Kedia. With an annual production capacity of over 213,000 metric tonnes from 23 facilities, MTL serves customers such as Coca-Cola, PepsiCo, Dabur, Britannia, P&G, ITC, etc.
In June 2020, Manjushree Technopack took a step towards sustainability by opening its first recycling plant located at Bidadi in Karnataka. This plant has the capability of processing over 6,000 metric tonnes of post-consumer recycled (PCR) resin annually. The company aims to construct a number of recycling plants across India in the next two years that will reach a total of twenty thousand metric tonnes combined.
Advent International’s Investment
Advent International, a global private equity firm, purchased Manjushree Technopack in 2018 for ₹2,300 crore. They purchased a forty percent stake from Kedara Capital and the remaining was acquired from the Kedia family. This led to a drastic change of 70% to MTL’s growth trajectory, as Advent acquired 97% stake after the deal.
Strategic Exit: PAG’s Acquisition
In November 2024, Advent International executed a strategic exit by selling its 97% stake in MTL to the Asia Pacific-centered investment firm PAG for ₹8,400 crore (about $1 billion). This transaction marked the success of Advent’s investment, which in five years yielded a threefold return. The sale was heavily influenced by MTL’s impressive financials and market position. It is worth noting that the company registered a revenue of ₹2,117 crore in FY2024, an increase from ₹2,096 crore in FY2023. The transaction also resulted in MTL withdrawing its proposed ₹3,000 crore IPO, which was already cleared by SEBI.
Financial Performance
MTL’s financial metrics reflect its consistent growth:
| Fiscal Year | Revenue (₹ Crore) | Net Profit (₹ Crore) | EPS (₹) |
| FY2022 | 1,467 | 91.15 | 66.80 |
| FY2023 | 2,096 | 59.23 | 43.72 |
| FY2024 | 2,117 | 141.77 | 103.92 |
The significant net profit and EPS increase in FY2024 highlight MTL’s operational efficiency and strategic growth initiatives.
Business Operations
- Product Portfolio: MTL is a one-stop shop for packaging solutions. The company manufactures a variety of packaging products, including jars, bottles, multilayer containers, PET bottles, and preforms. These products cater to the food and beverages, pharmaceuticals, cosmetics, agriculture, and chemicals industries.
- Clientele: Esteemed brands such as Coca-Cola, PepsiCo, Bisleri, Dabur, Mondelez, Britannia, P&G, ITC, Castrol, and Reckitt Benckiser highlight the company’s extensive clientele.
- MTL has 23 strategically located manufacturing facilities across India to efficiently serve the diverse needs of clients and ensure optimal distribution.
Strategic Acquisitions
Several critical acquisitions have strengthened MTL’s growth strategy:
- Varahi Ltd (2017): Gained clients such as Patanjali and Dabur while increasing market penetration.
- National Plastics Industries (2020): Increased market share in North India.
- Pearl Polymers (2021): Added dispensers and sprays to the product portfolio.
- Classy Kontainers and Hitesh Plastics (2022): Diversified the product segment with caps and closures.
These acquisitions, combined with MTL’s existing products, have aided in broadening its client base and extending its marketed regions.
Sustainability Initiatives
MTL has wheels in motion regarding the development of sustainable packaging solutions. MTL’s “Born Again” initiative targets the recycling of packaging materials for the FMCG market triad. The Bidadi recycling plant, which was opened in 2020, recycles more than 6,000 metric tonnes of rigid plastic PCR resin every year. It is MTL’s strategy to set up more recycling plants within India with a vision to reach 20,000 metric tonnes of capacity in two years.
Competitive Landscape
MTL operates within a competing industry together with Parksons Packaging under Warburg Pincus, Essel Propack, and Piramal Glass under Blackstone. But Parksons Packaging, Propack, and Glass, along with MTL’s enormous manufacturing capacity, lengthy product lines, growing eco-friendly policies, and multi-pronged sustainability strategies, give MTL’s competition within the market some hibernating edges.
Final Thoughts
Advent International’s selective investing and exiting strategically from Manjushree Technopack shows noticeable signs of the company’s market growth and a healthy trend of sustaining the market. Now, with PAG buying the shares, MTL is the next spotlight of attention for expansion in business and circumstantial innovation targeted towards sustainable growth. MTL, in light of the developing industries, stands tall with the expectation of being successful as the packaging market moves ahead.
READ OUR DEEP DIVE BLOG ON MANJUSHREE TECHNOPACK HERE:
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