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Oricon Enterprises has acquired the remaining 70 per cent shares in Oriental Container from its joint venture partner OC Holding Mauritius for ₹105 crore.
With the completion of the deal, Oriental Container will become the wholly-owned subsidiary of Oricon Enterprises, said BM Gaggar, CFO, Oricon Enterprises.
Oriental Containers is one of the largest manufacturers of a wide range of closures, which includes crowns, plastic beverages and water closures, ROPP (roll on pilfer proof) caps, chamfered caps, aluminium collapsible tubes and other packaging products at its manufacturing facilities in Maharashtra and Goa.
It has technical collaboration with Silgan Holdings Inc of US for manufacturing speciality wide-mouth caps, which are used for packaging of jams and pickles.
Oriental Containers supplies its products to various companies including Pepsi, United Spirits, United Breweries, Heineken, Diageo, Bisleri, Unilever and others. The company’s products are exported to more than 40 countries covering Asia, West Asia, Far East and the African continent.
Oricon Enterprises has a consolidated turnover of about ₹1,000 crore and is engaged through its subsidiaries in marine logistics, packaging, automobile distribution and petrochemicals.
It also holds about three acres of land parcel in Worli-Mumbai, which is slated for development, it said.
The shares of the company were up five per cent at ₹54 on Tuesday.
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