Mumbai, June 16 -- PAG-backed Manjushree Technopack Ltd (MTL) is in talks to acquire 4-5 assets and may spend a combined amount of $150-180 million to bolster its offerings, three people familiar with the matter said, further underscoring the growing consolidation in the packaging sector.

"The company is looking to strengthen its presence in its existing areas and bolster its revenue growth. It has identified 4-5 candidates to acquire, and the discussions are ongoing. Two of them are in advanced stages and are expected to happen in the coming months," the people added.

"These acquisitions are aimed at improving MTL's revenue growth and justify the billion-dollar valuation it sought when PAG invested in the company last year," one of the...