Oricon buys 70% of Oriental Containers for Rs 105 crore

Mumbai: Oricon Enterprises, a group company of Parijat Enterprises, on Monday said it has acquired 70 percent shares of Oriental Containers Ltd from its joint venture partners OC Holding Ltd, Mauritius, for Rs 105 crore.

"We have acquired 70 percent shares of Oriental Containers Ltd from its joint venture partners OC Holding Ltd Mauritius at a consideration of Rs 105 crore, thereby making it a 100 percent subsidiary," Oricon Enterprises CFO B M Gaggar said in a statement here.

Oricon Enterprises has a consolidated turnover of nearly Rs 1,000 crore and is engaged through its subsidiaries in the business of marine logistics, packaging, automobile distribution and petrochemicals.

Further, it holds nearly three acres of land parcel in Worli (Mumbai), which is slated for development in the near future.

Oriental Containers is the largest manufacturer of a wide range of closures, which includes crowns, plastic beverages and water closures, ROPP Caps, chamfered caps, aluminium collapsible tubes and other packaging products at its manufacturing facilities in Maharashtra and Goa.

Oriental Containers supplies its products to various industries like beverages and water, FMCG, breweries and distilleries. Leading customers include Pepsi, United Spirits, United Breweries, Heineken, Diageo, Bisleri, Unilever and others.

The company's products are exported to more than 40 countries covering Asia, Middle East, Far East and the African continent.