Sai operates as a multi-product packaging company, manufacturing labels and mono-cartons for food and beverage, pharmaceutical and FMCG industries. The company employs 600 people and has seen its paper packaging arm increase to 76 per cent of revenue in 2011.
The investment will enable the company to open a new facility in Bangalore and expand the existing facility in Faridabad, Harayana. The firm invested through its Aureos South Asia Fund.
Balaji Srinivas, a managing partner at Aureos India, said, “Sai has a strong customer base, marked by high customer retention. Its strategy for future development includes expansion into recession resilient and higher margin products for the pharmaceutical, beverages and FMCG sectors.
“Our team will work closely with Sai’s experienced management team helping it to become a major player across geographies in the Indian packaging market. We look forward to working with Sai to enhance the company’s already excellent credentials,” he added.
The company’s IPO was only the third new listing on the PSE this year, which was four times oversubscribed and on its listing day share price jumped 13.5 per cent higher than the offer price.
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