Manjushree eyes 4-5 assets for $150-180 mn

Two acquisitions are at advanced stages and may close in coming months

- Priyamvada C & Sneha Shah

AG-backed Manjushree Technopack Ltd is in talks to acquire 4-5 assets and may spend $150-180 million to bolster its offerings, three people familiar with the matter said, underscoring the growing consolidation in the packaging sector.

"The company is looking to strengthen its presence in existing areas and bolster revenue growth. It has identified 4-5 candidates to acquire, and the discussions are ongoing. Two of them are in advanced stages and are expected to happen in the coming months," the people added.

"The acquisitions are aimed at improving MTL's revenue growth and justify the billion dollar valuation it had sought when PAG invested in the company last year," one of the people cited above said. MTL did not respond to Mint's emailed queries sent on Friday.