Goldencross Pharma Pvt Ltd, a wholly-owned subsidiary of Cipla Ltd, has entered into a definitive agreement to sell its 100 percent stake in Four M Propack Ltd, which makes plastic bottles & containers for pharmaceutical industry, to Shriji Polymers India Ltd for Rs 13.5 crores and an addition sum derived on the basis of the value of mutual funds, cash & bank balance, tax refunds, etc estimated at around Rs 5.7 crores.
Four M Propack, which has a facility in Baddi (Himachal Pradesh), manufactures PET bottles and HDPE containers & closures. The facility complies with the required cGMP and DMF for pharmaceutical plastic packaging. The company had recorded turnover of Rs 9.77 crores in 2015-16.
Acquisition of Four M Propack will help Shriji Polymers, located at Ujjain (Madhya Pradesh), consolidate its position in the pharmaceutical plastic packaging segment. The company is engaged in the business of manufacturing of HDPE bottles and PP caps for the pharmaceutical industry.