Mumbai headquartered SMI Coated products Pvt. Ltd. Lead by Ajay Mehta has been 100% acquired by Jindal Polyfilms. The company (SMI) had recorded a turnover of Rs 273 crore in FY2020-21.The acquisition would augment Jindal Poly Films existing growth plans resulting in forward integration by expanding into downstream product segment i.e. labels and related products.
The acquisition would be done by Jindal Polypack and this will not form part of the business transfer to JPFL Films.The acquisition is being done at an enterprise value of approximately Rs 195 crore. After adjusting for net debt and debt like items, equity value payment by Jindal Polypack to the sellers would be Rs 99.65 crore.Jindal Poly Films is engaged in diverse business activities including manufacturing of polyester film, polypropylene film, steel pipes and photographic products.
The net profit of Jindal Poly Films jumped 10.53% to Rs 217.98 crore in the quarter ended December 2021 as against Rs 197.21 crore during the previous quarter ended December 2020. Net sales rose 27.15% YoY to Rs 1,359.18 crore in Q3 FY22.