Radici Plastics India Pvt. Ltd. completed the acquisition of Engineering Plastics Business of Ester Industries Limited.
September 14, 2022
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Radici Plastics India Pvt. Ltd. signed a business transfer agreement to acquire Engineering Plastics Business of Ester Industries Limited (BSE:500136) for INR 2.9 billion on May 6, 2022. The consideration will be paid in cash. During the financial year 2020-21, Engineering Plastics Business reported a turnover of INR 2.05 billion. The transaction has been approved by the Board of Directors of Ester and is subject to the approval of shareholders, lenders, and other necessary approvals. Date of completion of Sale will be required to be completed on or before October 15, 2022. Malaveeka Chakravarthy, Srinath Dasari, Nohid Nooreyezdan, Nanditha Gopal, Aditya Singh Chandel, Bharat Budholia and Veena Gopalakrishnan of AZB & Partners served as legal advisor to Radici Plastics India Pvt. Ltd.
Radici Plastics India Pvt. Ltd. completed the acquisition of Engineering Plastics Business of Ester Industries Limited (BSE:500136) on September 15, 2022. RBSA Advisory Pvt. Ltd. acted as financial advisor to Ester Industries Limited in the transaction.
Ester Industries Limited is an India-based company, which is engaged in the business of manufacturing of polyester films and specialty polymers. The Company's segments include Polyester chips and film and Specialty Polymers. Its polyester films product line include special chemical coated films, transparent high barrier films, isotropic film, heat seal films, shrink sleeve film, gold films, embossable films, insulation film, printing, converting and metallizing films, special chemical coated films, metalized high barrier films-LIMH, metalized ultra-high barrier films, retort film, matte films, ultraviolet (UV) stabilized films, white opaque films, high clear films (HC / UL), high friction films, insulation films and twist films. It is also engaged in the business of polyester packaging films. The Company's specialty polyester business manufactures polyester chips of normal and Masterbatch grades. Its manufacturing plant is located at Khatima, in the state of Uttarakhand.