Packaging films maker Jindal Poly Films Ltd has agreed to acquire the Netherlands-based Apeldoorn Flexible Packaging Holding BV for an enterprise value of 82.3 million euros ($93.3 million) in cash.
The transaction will require anti-trust approvals in the Netherland and Germany and is likely to be closed by the end of September, Jindal Poly said in a stock-exchange filing. It will make the acquisition through unit JPF Netherlands BV.
European private equity firm Bencis Capital Partners, which owns a significant stake in Apeldoorn, will exit in the transaction.
Jindal Poly said the acquisition will help it increase its product offerings by adding load security films. The deal will also strengthen its relationship with brand owners in the food, beverage and fast-moving consumer goods segments.
The company added that it aims to expand its differentiated product offerings in the packaging films business globally.
Apeldoorn was set up in 2014. Besides load security films, it makes bread and cheese packaging films. Its consolidated revenue was 111 million euros (Rs 816 crore) for the calendar year 2016.
Jindal Poly operates seven factories in India, Europe and the US. In 2016-17, it registered a net profit of Rs 113.62 crore on revenue of Rs 2,730 crore.
The Indian company had previously made an acquisition in 2013 when it bought the biaxially oriented polypropylene (BOPP) business of ExxonMobil Chemical for $235 million.