India’s TCPL Packaging has acquired additional shares in its subsidiary company Creative Offset Printers Private Limited (COPPL) from one of COPPL’s promoters.
Under this transaction, TCPL acquired 43,800 additional equity shares of COPPL at a total consideration of approximately Rs21m ($251,790), TCPL said in a stock exchange filing.
Following this transfer of shares, TCPL now holds 100% of the share capital of COPPL.
Creative Offset Printers, now a wholly owned subsidiary of TCPL Packaging, was established in July 2002.
It specialises in the production of cartons and boxes primarily for mobile phone manufacturing companies, among other customers.
COPPL currently has a registered office in New Delhi and a factory in the Greater Noida area, both in India.
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During financial year 2022-23 (FY22/23), COPPL registered a total revenue of approximately Rs342m.
According to TCPL, the acquisition of additional shares in COPPL will help the company to increase its existing packaging business share, as many manufacturers are claimed to be expanding in mobile phone production.
In November 2021, TCPL received approval from its board of directors for the acquisition of a majority stake in COPPL.
The packaging company then signed a definitive share purchase agreement to acquire an initial 60% equity stake in COPPL.
This transaction marked TCPL’s entry into the rigid boxes market.
TCPL is a manufacturer of folding cartons and a converter of paperboard.
It also specialises in manufacturing printed blanks and outers, litholamination, plastic cartons, blister packs, as well as other shelf-ready packaging solutions.
In the first quarter of FY24, TCPL registered a consolidated profit after tax of Rs236m.