We are delighted to share the news that Shriji Polymers India Limited has successfully completed its acquisition of Parekhplast India Limited, securing a 100% stake effective from November 1st, 2023. This significant development officially makes Parekhplast a wholly-owned subsidiary of Shriji Polymers India Limited.
Shriji Polymers India Limited is a prominent manufacturing company specializing in rigid packaging for the Regulated Generics Pharma Market. The company's headquarters are situated in Ujjain, India, with multiple manufacturing facilities across the country. Notably, it stands as the only Indian company with a global manufacturing presence.
Under the umbrella of Shriji, Parekhplast will leverage over a century of collective experience to benefit our cherished customers, valued vendors, and trusted business partners. Our united focus will revolve around enhancing process automation, ensuring top-notch product delivery, and, crucially, providing more effective, solution-oriented responses to the evolving needs of our customers at a larger scale.
In the wake of this acquisition, the board of Parekhplast has been reconstituted. Mr. Charul Ghia is no longer a part of Parekhplast's board and the leadership of Parekhplast is now entrusted to Mr. Anand Bangur and Mr.Vishnu Jajoo, both of whom bring extensive experience in the plastics manufacturing sector. It is important to note that this change does not affect the entity's name, as Parekhplast will continue to operate under the same banner.
We are committed to maintaining the exceptional level of service that our partners expect from Parekhplast, while enhancing it with the technical expertise and process capabilities of Shriji Polymers India Limited and their team members. As a part of the group, we now have 10 factories across India and two abroad outside India.
If you have any questions or require further clarification, please do not hesitate to reach out to us.