Manjushree doubles down on pharma, high-margin packaging

MTL's push into pharmaceutical packaging follows PAG's acquisition of the company last year from Advent International

- Priyamvada C

Packaging firm Manjushree Technopack Ltd (MTL), backed by private equity major PAG, is sharpening its focus on pharmaceutical and high-margin specialty segments to drive profitability and grow market share, chief executive Thimmaiah Napanda said in an interview.

"Over the last 18-24 months, we have taken several strategic measures as well as optimized our cost structures to strengthen our financials," Thimmaiah said.

He added that the company has worked on reducing SG&A (selling, general and administrative) costs and boosted operational efficiency across manufacturing, logistics and packaging and reduced lead times by setting up multiple facilities that will cater to a broader customer base.

MTL's push into pharmaceutical packaging follows PAG's acquisition of the company last year from Advent International, which exited at a $1 billion valuation. Advent had initially planned to exit via an IPO but opted for a private-market deal instead, when PAG offered a better price.