Premji Invest has bought a significant stake in SB Packagings which is a manufacturer of flexible packaging for the hygiene segment.
The quantum of the stake purchased by the investment arm of Azim Premji's endowment and philanthropic initiatives was not disclosed.
The transaction primarily involves partial stake sale by shareholders and infusion of primary capital for capacity expansion and acquisitions, SB Packagings said.
Founded in 1989, SB Packagings supplies flexible packaging materials in India to customers including P&G, J&J, Unicharm, Kimberly Clark, Nobel Hygiene, Walmart, Future Group, PepsiCo, Dabur, and Tata.
Post transaction, Amit Banga, managing director of SB Packagings, will continue to remain a significant shareholder and would continue to drive the business.
“With backing from Premji Invest, one of India’s leading PE investors, we look forward to further expanding our capabilities through organic and inorganic routes thereby strengthening our position in the Indian flexible packaging Industry,” said Banga.
Premji Invest has been active in India for over 10 years. The focus has been on growing medium-sized Indian companies into large firms that can compete globally. Premji Invest has invested across sectors like consumer, financials, technology, and manufacturing in brands such as Fab India, Hygienic Research, ID foods, Lenskart, PolicyBazaar, Flipkart, Gold Plus Glass, and Shubham Housing.