Essel propack is a part of the rs 15,000 crore essel group, with turnover of over rs 2,200 crore. the company is into speciality packaging, manufacturing laminated plastic tubes catering to the fmcg and pharma space. packaging india subsidiary of essel contributed 11 per cent to the total revenue of essel propack. company has sold its subsidiary packaging india pvt ltd pipl, valued at rs 165 crore, to amcor flexibles india pvt ltd. according to company , "the agreement has been signed and the deal is completed for full cash consideration. the divestment is part of company&39s strategy to exit noncore adhesive lamination packaging business and pursue growth opportunity in its core tube packaging business which has great potential across the globe in beauty & cosmetics, pharma & healthcare and food category. essel propcak vice chairman & managing director ashok goel said, "the divestment of packaging india pvt ltd is in line with our strategic decision to intensify focus on the core tube packaging business globally including india." "this decision will help the company to further strengthen expertise in tube packaging business & deleverage," he added. the deal will provide pipl an opportunity for further growth in the flexible packaging space as part of australiabased multinational packaging company amcor, essel propcak said.
