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Jindal Poly Films Acquires SMI Coated Products

Flexible packaging movies main Jindal Poly Films (JPFL) has acquired 100% stake in SMI Coated Products for $25.4 million. SMI which recorded a turnover of $35.6 million in FY20-21 would obtain round $13 million as fairness worth cost from the acquirer after adjustment of internet debt and debt-like objects.

Mumbai-based SMI Coated Products is the biggest homegrown Indian label inventory producer with a capability to transform 1,350 tonnes of paper month-to-month with seven coaters. The fast progress within the Indian label trade made SMI an organized exporter of pressure-sensitive label inventory. With exports to over 20 international locations, the corporate produces round 100 million sqm of label inventory yearly, with a slitting and distribution centre at Dubai’s Jebel Ali for the Middle East and Africa markets.

Taking to social media, Corporate Director of SMI Coated Products Rohit Mehta spoke of his firm’s acquisition as a tricky choice to make as change was inevitable. “Life should go on and we embrace this transformation with full data and understanding that SMI will develop in instances to come back. As the brand new torchbearers take over, we’re assured of handing over the baton to an organization that may take SMI, its staff, and the trade to higher heights,” provides Mehta.

Jindal Poly Films is a part of the $2 billion BC Jindal Group, considered one of India’s main enterprise conglomerates engaged in various portfolio of companies similar to metal pipes and merchandise, versatile packaging movies, photographic supplies, and thermal energy technology. Jindal Poly Films is engaged within the enterprise of producing versatile packaging movies at Nasik in India. With a presence in 95% of the world markets via its distribution community spanning 40 international locations, JPFL is the 8th largest BOPET producer on the earth with its Nasik manufacturing plant, the world’s largest single-location facility for the manufacturing of BOPET and BOPP movies.

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