Essel Propack Ltd, part of the $2.4 billion Mumbai-based Essel Group and the second largest manufacturer of laminated tubes in the world, has completed the process of sale of its investment in its overseas medical device business. The stake sale happened through its overseas subsidiary companies, said the company in its filing to the stock exchange.
Though the filing does not carry any financial details, reports suggest that the company was expecting over Rs 200 crore from its medical devices business, which were estimated at around Rs 100 crore.
Essel Propack, which supplies tubes for toothpaste, cosmetics, pharmaceutical products, grease and adhesives, has presence across 14 countries including Mexico, Colombia, Germany, Egypt, Philippines, Singapore, Indonesia and India.
The business is managed by four geographical segments viz. Americas (with operations in the USA, Mexico and Columbia), Europe (with operations in the UK, Germany, Poland and Russia), Africa, Middle East & South Asia – AMESA (with operations in Egypt & India), East Asia Pacific – EAP (with operations in China, Philippines, India).