Huhtamaki India plots big M&A push with up to $500 million in kitty
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Armed with a $400-500 million war chest, Finnish packaging major Huhtamaki Group's Indian subsidiary is looking to scoop up local assets in a bid to expand its product base and bulk up revenues, two people with knowledge of the development said.
This comes in the backdrop of a consolidation wave playing out in the packaging industry, with large companies such as Essel Propack, Manjushree as well as Huhtamaki looking to acquire assets in a bid to expand their product and geographical base, these people said.
'Companies such as Huhtamaki are in the market to scout for packaging companies that have scaled up and can be taken into fold," the first person cited above said on condition of anonymity.
The second person added that aside from earmarking around $400-500 million for its inorganic move, the company 'has the ability to raise debt domestically, too, to finance these acquisitions".
In response to queries from Mint, a Huhtamaki India spokesperson said, 'As a policy, we don't comment on market speculations. Should there be any developments to share, they will be communicated through official company channels."
Set up in 1935, Thane-based Huhtamaki India Ltd is a listed company that is one of the leaders in the domestic flexible packaging industry, manufacturing flexibles, labels and cylinders. The company has 10 manufacturing facilities in Maharashtra, Dadra and Nagar Haveli, Uttarakhand, Assam, Karnataka, Andhra Pradesh and Himachal Pradesh.
Its parent, Espoo, Finland-based Huhtamaki Oyj, held 67.73% equity stake in the Indian subsidiary as on 31 March 2025, according to shareholding data from the BSE.
A ratings release by Crisil in September 2024 showed that the company sold land parcels in Thane and Ambernath areas near Mumbai in FY23.
'HIL enjoys strong liquidity supported by unutilized fund-based bank lines and healthy cash and liquid surplus, led by consideration received from sale of land and building in Thane and Ambernath," the Crisil release said. 'Expected net cash accrual for 2024 to 2026 will be sufficient to meet annual capex and working capital requirement. The utilisation of proceeds from sale of land parcels will be a key monitorable."
Armed with this capital and the parent's ability to help it raise money domestically, the company is in talks with several small and mid-sized businesses in India to acquire them, according tothe second person cited above.
For the financial year ended 31 March 2024, Huhtamaki India earned a revenue of ₹2,550 crore as against ₹2,984 crore in the previous financial year, according to data from Crisil. The company's profit after tax stood at ₹410 crore in FY24.
The packaging sector in India has shown substantial growth potential, driven by demand across India's consumer, industrial, pharmaceutical, and export industries, making it an attractive proposition for private equity (PE) firms and strategics.
According to a Technopak report last year, India's packaging sector was valued at $74.7 billion in FY23, and is expected to reach $100 billion over the next five years, driven by various factors such as rising disposable incomes, urbanization, increased demand for processed and packaged goods, and a thriving e-commerce sector.
The report added that other government initiatives focused on organized retail and food safety are further propelling demand for high-quality, standardized packaging solutions.
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