Indian packaging solution provider Shriji Polymers (India) Limited (Shriji) has received an investment of 250 crores ($33.7 million) from Creador through its affiliate Sundara (Mauritius) Limited.
The deal sees Creador buying out existing domestic and international institutional investors in Shriji, giving the Malaysian private equity firm a significant minority stake in the company.
Shriji is a manufacturer of rigid plastic packaging for the regulated pharma industry. Its portfolio includes bottles, caps and specialty products for global generic pharma players. The company has a production capacity of 2 million containers and 3 million closures per day.
It has manufacturing facilities across India, the US, and China.
The new investment is expected to further boost the growth of the company.
“Partnership with Creador provides us a significant opportunity to accelerate our growth plans including adding new value-added products, continued focus on import substitution, expansion of geographic footprint and diversification of customer base”, Shriji co-founder and joint managing director Vishnu Jajoo said.
Creador managing partner Anand Narayan said the investment in Shriji will help the company provide a compelling portfolio of offerings and in diversifying across customers and geography.
Shriji now becomes the latest addition to Creador’s Indian portfolio companies. The list currently includes water storage and piping solutions provider Vectus Industries, pharmaceutical firm Corona Remedies, hospital chain Paras Healthcare and financial services company Ujjivan.
Based in Kuala Lumpur, Creador invests in companies across South and Southeast Asia. The firm has collected around $565 million for its fourth fund, Creador IV, exceeding its hard cap of $550 million, we had reported earlier.