India-based private equity firm Kedaara Capital has acquired a minority stake in cartons and paper packaging manufacturer Parksons Packaging for INR2bn ($31.8m).

Press Trust of India reported that the acquisition marks Kedaara’s foray into the packaging industry.

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Kedaara Capital Advisors managing partners Manish Kejriwal and Sunish Sharma said: "We believe this is an opportune time to invest in the Indian packaging sector, with Parksons being especially well-positioned to benefit from the growth in the Indian consumption story."

"We believe this is an opportune time to invest in the Indian packaging sector."

Parksons Packaging operates three manufacturing facilities across northern and western India and has built a design capabilities center.

Founded in 1996, Parksons Packaging supplies folding cartons and other paper packaging solutions to more than 100 customers across different end segments such as food and beverages, home and personal care, pharmaceuticals and quick service restaurants.

Its key customers include Hindustan Unilever, L’Oreal, Godrej, McDonald’s, Kellogg’s, Cadbury, Wockhardt and Ranbaxy.

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Commenting on the acquisition, Parksons Packaging chairman Ramesh Kejriwal said: "Their partnership model, strong industry networks, and unique understanding of the consumer and healthcare industry, will add significant value to Parksons and help further strengthen our position as India’s most preferred and innovative paper packaging solutions provider."

According to the figures released by Indian Institute of Packaging, the packaging industry in India is expected to generate $43.7bn in revenues by 2016.