Creador invests $34m in India’s Shriji Polymers
01.09.20 / Author: Justin Niessner
Creador has invested INR2.5 billion ($34 million) in Shriji Polymers India, a manufacturer of plastic pharmaceuticals packaging, taking a significant minority stake and providing an exit for Tata Capital.
Creador is said to be acquiring an approximately 17% stake. Tata Capital Healthcare Fund has invested at least $8 million in the company since 2015 and is said to be selling a 13% interest. According to The Economic Times, Creador beat out rival bids from fellow private equity firms Kedaara Capital, ChrysCapital Partners, and Goldman Sachs.
Shriji offers a range of bottles, caps, and specialty products such as tablet applicators and various dosing devices. Production is realized via more than 400 product molds across five factories in India, one in China, and one in the US. The company claims to use the most advanced technologies in its space, including compression blow form machinery, injection blow molding, and high-speed injection molding.
It is hoped that Shriji, which caters to global pharma industry players can leverage advantages related to the government’s “Make in India” initiative, as well as general momentum in the local pharma export space. Growth plans include adding new products to the offering, expanding the geographic footprint, and diversifying the customer base.
“Shriji Polymer is indeed 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,” Anand Narayan, a managing partner at Creador, said in a statement. “Shriji’s entrepreneurial leadership team is a great fit for Creador, and we look forward to assisting Shriji in their next phase of growth.”
Creador has about $1.5 billion in assets under management. It raised $430 million for its fourth Southeast Asia and India fund as of mid-2018 on a target of $500 million. The hard cap is $550 million.