KUALA LUMPUR (Sept 1): Private equity firm Creador has taken up a "significant" minority stake in pharmaceutical plastic packaging manufacturer Shriji Polymers (India) Ltd for INR250 crores (US$33.7 million or around RM139.77 million), it said today.

Established in 2015, Shriji is a manufacturer of rigid plastic packaging for the regulated pharma industry, offering a comprehensive portfolio of products across bottles, caps and specialty products to leading global generic pharmaceutical manufacturers.

The company is a Drug Master File holder for the US Food and Drug Administration (FDA), Canadian FDA and Chinese FDA, with manufacturing facilities in India, the US and China.

Creador has bought out existing domestic and international institutional investors in Shriji via Creador’s affiliate Sundara (Mauritius) Ltd.

In a statement, Shriji founder and managing director Anand Bangur said the deal brings Shriji together with a partner “who shares similar values”, and which will play a key role in Shriji’s next growth phase.

“It is a matter of great pride for us that we are able to provide a successful exit to our existing investors. We will continue to make significant investments in India supported by the recent government initiatives of ‘Make in India’ catering to domestic and exports,” Anand said.

“Partnership with Creador provides us a significant opportunity to accelerate our growth plans including adding new value-added products, continued focus on import substitution, expansion of geographic footprint and diversification of customer base,” Shriji co-founder and joint managing director Vishnu Jajoo added.

Creador Advisors India LLP managing partner Anand Narayan, meanwhile, pointed to Shriji’s position as a market leader in the regulated pharma packaging industry.

“In a short period, Shriji has built an impeccable track record and won the confidence of its customers,” he said.

“Our investment will benefit Shriji in providing a compelling portfolio of offerings and in diversifying across customers and geography,” he added. “Shriji’s entrepreneurial leadership team is a great fit for Creador and we look forward to assist Shriji in their next phase of growth.”

Shriji counts leading global and Indian regulated generic pharmaceutical manufacturers as its clientele.

Its comprehensive product portfolio includes high density poly ethylene bottles, polypropylene caps (both continuous thread and child resistant) and other speciality plastic products like derma bottles, tablet applicators, dosing cards and self-administered metered dosing devices.

Edited by Surin Murugiah