Amcor May Acquire Murugappa Group's Packaging Biz - Tuflex

Australia's Amcor plans to buy Murugappa Group's Packaging business Tuflex to expand its operations, according to TOI. Murugappa Group wants to divest smaller non-core assets, thus leading to this deal. Amcor is conducting due diligence ahead of a deal with Tuflex, which has a plant at Palej in Gujarat.

Established in 1985, Tuflex India has attained the leadership position in the polymer net and knitted fabric manufacturing industry. Its product line includes agro products, garden landscaping products, mosquito proofing products, packaging products and geosynthetic products. Recently, Murugappa Group’s Coromandel Acquired Liberty Phosphates and Murugappa Group's E.I.D. - Parry (India) Limited purchased the entire stake of its JV partner Cargill Asia Pacific Holdings PTE. Amcor is a multinational packaging company with operations in operating across 30 countries and 89 plants.

Amcor Flexibles operates as two independent business groups across two regions – Flexibles Europe and America’s and Flexibles Asia Pacific. Last year Amcor acquired Uniglobe Packaging Private Limited, a packaging firm for $20.7 Mn to expand market in India.

The Indian packaging industry is currently $18.8 Bn approx with a growth rate of about 15% per annum. Growth rate is expected to be doubled with in next two years. India's per capita packaging consumption is less than worldwide average which offers mammoth business opportunity to Indian Packaging Industry.

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