Huhtamaki PPL gains 4% on acquisition of Ajanta Packaging

Shares of Huhtamaki PPL advanced more than 4 percent intraday Monday on acquisition of the business of Ajanta Packaging.

The company has entered into a business transfer agreement for acquisition of the business of Ajanta Packaging, India on a slump sale basis, based on an enterprise valuation of Rs 100.3 crore.

This acquisition will help the company in consolidating its position in pressure sensitive label business.

The said acquisition is subject to closing conditions and is likely to concluded by April 2018.

Ajanta Packaging is one of the pioneers & largest privately owned label printers in India, having state of art manufacturing facilities in Daman (Western India) and Baddi (North lndia).

percent on the BSE.