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MUPSPL is engaged in the business of manufacture of packaging products like folding cartons, corrugated boxes and labels with 4 manufacturing plants across the country and had a revenue of Rs 147.77 crore in FY 2022-23.
MUPSPL's customers, employees, vendors and partners will benefit from JK Paper's strong knowledge of manufacturing and its high standards in operational excellence, financial management and corporate governance.
The company will acquire 100% stake at Rs 21.80 per equity share of Rs 10 each, subject to adjustments a per terms of SPA. The acquisition is expected to be completed within six weeks from execution of SPA.
Speaking on the occasion, Harsh Pati Singhania, vice chairman and managing director, JK Paper, said, "This acquisition is in line with the longterm strategic objective of the company in the packaging business and gives us an opportunity to offer combined solution to the customers with respect to secondary and tertiary packaging, improve operational efficiencies and ensure that MUPSPL grows and adds value to stakeholders."
JK Paper is a manufacturer and supplier of fine papers and packaging boards. Its product portfolio includes office papers, packaging boards, specialty papers and printing, and writing papers.
The company's consolidated net profit jumped 17.8% to Rs 308.67 crore on a 10.8% increase in net sales to Rs 1,584.36 crore in Q1 FY24 over Q1 FY23.
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