New Delhi, Aug. 8 -- Guala Closures India Private Limited, the Indian arm of Italian metal closure company Guala Closures, has acquired one of the manufacturing units of Oricon Enterprises.
Guala Closures acquired Oricon Enterprises's metal closure unit in a slump sale for around Rs 42.50 crores (around $4.85 million), the company said in a notification to exchanges.
Its parent, Guala Closures, is present in over 100 countries with 37 production facilities and has over 200 patents to its name. The Italian company manufactures metal closures for spirits, wines, beer, non-alcoholic beverages, edible oil, and condiments. In 2024, the Group recorded over €830 million in revenue, the company said.
The Indian arm's revenues in 2023-24 slipped marginally to Rs 576.9 crores compared with Rs 675.4 crores the previous year.
The unit sale by Oricon is intended to capitalise its core business and seek out new growth opportunities, the company said. Oricon's metal closure unit generated Rs 110.5 crores and roughly contributes around 20.75% to the overall business.
Singhi Advisors exclusively advised Goa-based Guala Closures India on the acquisition of Oricon's unit.
Oricon is engaged in the business of manufacturing, trading, and sale of metal crown seals, roll-on pilfer-proof closures, collapsible tubes, and real estate, trading, and investment activities.
Oricon Enterprises' packaging division, Oriental Containers, supplies closure solutions to over 100 customers in more than 20 countries. In FY25, the division generated €12 million (Rs 122 crores), a company press release said.
Shares of Oricon Enterprises today ended at 54.29 rupees on the Bombay Stock Exchange, up 1.4%.
Published by HT Digital Content Services with permission from VC Circle.