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| Exchange Disseminated Time | Essel Propack Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 13, 2015, has
approved the divestment of its wholly owned subsidiary, Packaging India Pvt. Ltd. (PIPL) to Amcor Flexibles India Pvt. Ltd. The agreement to this effect has been signed and the deal completed for full cash consideration. The divestment is part of Company’s strategy to exit non-core adhesive lamination packaging business and pursue growth opportunity in its core tube packaging business which has great potential across the globe in the Beauty & Cosmetics, Pharma & Health and Food categories.
Consequent to the above, Packaging Indio Pvt. Ltd. has ceased to be a subsidiary of Essel Propack Ltd with immediate effect.
The present deal will provide PIPL and its talent an opportunity to further grow and prosper in the flexible packaging space as part of Amcor, an Australia listed global packaging company engaged in flexible and rigid packaging. |
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