Latest news with #Thane-based
Mint
3 days ago
- Business
- Mint
Huhtamaki India plots big M&A push with up to $500 million in kitty
MUMBAI : 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.
Time of India
5 days ago
- Business
- Time of India
ET Make in India SME Regional Summit, Thane spotlights resilience, innovation and inclusive growth
The ET Make in India SME Regional Summit in Thane, the first one in FY 2025-26, brought together a diverse group of industry leaders, SME associations, and small business owners on June 26 to exchange ideas and chart a collective vision for industrial growth and national development. The ET Make in India SME Regional Summit is a series of nationwide on-ground events to bring together local micro-, small-, and medium-sized enterprises (MSMEs), policymakers, enablers, and key industry stakeholders. The Summit aims to unravel emerging opportunities, address critical challenges, and promote meaningful knowledge-sharing and networking to drive the next wave of growth for Indian MSMEs. In Thane, the summit began with an insightful keynote from Vijay Kalantri, President of the All India Association of Industries (AIAI) and Chairman of MVIRDC World Trade Centre Mumbai. He talked in detail about the challenges faced by MSMEs in the Thane region and in other parts of the country, as well as ways to address them. 'Instead of a single window, the government should enable a single desk to facilitate easy redressal of MSME issues,' said Kalantri. After Kalantri's valuable insights, Anjali Mirchandani, Deputy General Manager, The New India Assurance Co Ltd, joined the stage for an exclusive fireside chat on the topic 'Safeguarding Success: The Essential Role of Business Insurance for MSME Resilience and Growth'. Mirchandani talked in detail about how comprehensive business insurance can protect Thane-based MSMEs from the financial impact of monsoon-related flooding and ensuing accidents, which are likely in this industrial belt. ET Online Anjali Mirchandani, Deputy General Manager, New India Assurance Co Ltd, during the fireside chat. 'When we talk of MSMEs, it's known that they need to have a sustainable and price-conscious product as they operate on thin margins,' said Mirchandani. She also highlighted how The New India Assurance's bundled coverage options offer comprehensive protection at affordable rates, making them particularly well-suited for MSMEs when compared to offerings from other insurers. Then followed another interesting fireside chat with Nagaraj Garla, Executive Director, IDBI Bank , on the topic 'Catalyzing Make in India Growth: IDBI Bank's Strategic Imperatives for Empowering MSMEs'. Live Events Garla spoke about IDBI Bank's initiatives such as i-MSME Express and GeM Sahay, which are helping to break traditional credit barriers like collateral requirements and complex documentation. He also highlighted the growing role of AI and data analytics in shaping the next phase of MSME lending—enabling faster, more accurate, and more inclusive credit decisions. 'Unmet demand of MSME credit is close to Rs 30 lakh crore. Demand is there; supply is not. IDBI has wide-ranging customisable products on offer to MSMEs under a single digital platform,' said Garla. He also explained how IDBI Bank is tailoring financial solutions such as equipment finance and export credit to support manufacturing MSMEs in Thane, enabling them to scale operations and enhance their global competitiveness. Thereafter, local industry leaders and association heads came together for an engaging panel discussion on the topic 'MSMEs and Maharashtra's economic engine: Unlocking growth from Thane'. 'If MSMEs are to survive and grow at a faster pace, the government must not only support them but also provide sustained handholding. These enterprises often operate with limited manpower and resources, making them especially vulnerable to market fluctuations and regulatory burdens. Targeted assistance, simplified compliance, and access to capacity-building initiatives are essential to unlock their full potential,' said Raghuveer Kini, Director General, Basic Chemicals, Cosmetics & Dyes Export Promotion Council ( CHEMEXCIL ). ET Online Nagaraj Garla, Executive Director, IDBI Bank In the chemicals industry, navigating commodity fluctuations and market volatility remains a significant challenge. Additionally, a lack of awareness about local suppliers continues to hinder sourcing efficiency and supply chain optimisation within the sector,' said Aniket Malshe, Director, Nichem Solutions. 'When it comes to the challenges faced by MSMEs, the scenario remains largely the same—whether in Thane or elsewhere in the country. To stay ahead of the curve, MSMEs must embrace innovation and focus on their core strengths, adapting swiftly to changing market dynamics and consumer demands,' said C H Nadiger, Regional Director, Western Region, Engineering Export Promotion Council of India ( EEPC India). 'The world is looking for solutions, and India holds the key. India's MSMEs are at the heart of these solutions, driving innovation, resilience, and inclusive growth. This is the right moment to accelerate forward, harnessing the potential of our small enterprises to lead not just the national economy, but to contribute meaningfully to global challenges,' said Bhavesh Maru, General Secretary, Thane Small Scale Industries Association ( TSSIA ). ET Online Kantharao Jinna, Chief Manager, National Small Industries Corporation (NSIC) The insightful panel discussion followed a business presentation by Sameer Kenia, Business Manager, Canon India. 'MSMEs play a big role for us. About 32-35% of our business comes from MSMEs,' said Kenia. Towards the end came the special address by Kantharao Jinna, Chief Manager, National Small Industries Corporation (NSIC) Mumbai. Jinna highlighted various initiatives taken by NSIC to help MSMEs. 'We support MSMEs in areas such as raw material distribution and marketing. To strengthen this support, we have signed MoUs with most public sector undertakings (PSUs), ensuring cost advantages and improved access to resources for MSMEs,' said Jinna. He also focused on the products introduced by NSIC for MSMEs. 'The MSME Global Mart serves as a valuable platform that provides access to various tenders and market opportunities, making crucial business information more accessible and transparent for MSMEs,' said Jinna. This concluded the SME summit in Thane, serving as a key platform that offered networking opportunities to a range of small businesses as well as industry stalwarts. The event sponsors were IDBI Bank as Banking & Lending Partner, The New India Assurance Co. Ltd as General (Non-Life) Insurance Partner, Canon as Tech Enabler, and World Trade Centre Mumbai and All India Association of Industries as Association Partners. (On World MSME Day , on June 27, 2025, ET Digital opened registrations for its sixth edition of the ET MSME Awards 2025 . The coveted award programme celebrates India's top MSMEs for their achievements and contribution to the nation's economic development)
Time of India
25-06-2025
- Time of India
Engr accused of spying for Pak seeks bail
Mumbai: A Thane-based engineer arrested for allegedly sharing sensitive information about warships and submarines with a Pakistani intelligence agent has sought bail, saying a prolonged incarceration would "prejudice his personal and professional life". Ravindra Verma (27), who worked with a defence technology firm, was arrested by the Maharashtra Anti-Terrorism Squad on May 28. He is currently in judicial custody. In his bail plea, Verma pleaded innocence, contending that the allegations "are subject to proof beyond reasonable doubt during trial". The probe is substantially complete and primary evidence, including mobile phone containing WhatsApp chats and audio files has been seized, hence his judicial custody was no longer necessary, the plea said. pti
New Indian Express
23-06-2025
- Business
- New Indian Express
Congress high command has the final word
After politically low-key Harshvardhan Sapkal was recently appointed the Maharashtra Congress chief, many believed his 'closeness' with the high command may have had a major role in the appointment. Now, the same Sapkal is finding it difficult to place his 'confidants' at key posts in the state Congress unit. He recently decided to remove incumbent Maha Cong social media head Vishal Muttemwar and replace with his 'person of choice'. Here, Sapkal made an error; he went through with the decision without informing the national social media head and state incharge. Therefore, the file for appointing a new social media head is stuck in the corridors of Delhi. Shinde confidant returns to real estate business Dy CM Eknath Shinde's 'Man Friday', Thane-based developer Ajay Ashar, has decided to alienate from his political patron and focus on his sprawling real estate business. Ashar apparently had a key role in lifting Shinde to the CM's seat. He was among the main 'negotiators' with the BJP top brass and even shouldered the responsibilities of the high-cost 'takeover' in Maharashtra. As reward, Ashar was appointed as vice-chairman of Maharashtra Institute for Transformation (MITRA) – a financial planning body. But after Shinde was handed the second fiddle in the new govt, Ashar was removed from the role. Thus, Ashar has once again found time for his real estate ventures. CIDCO's 55th anniversary event goes overboard Maharashtra government's City and Industrial Development Corporation (CIDCO) recently celebrated its 55th Foundation Day, highlighting the organisation's global standards in urban planning and development. As part of the bash, several CIDCO higher-ups were reportedly provided 55gm gold value coins embossed with the 55th foundation day mark. The buzz was that these heavy coins were put on the CIDCO exchequer under different heads. Unfortunately, the CIDCO, in charge of the Navi Mumbai airport, is struggling to pay the salary of its own employees. The cash-rich board is allegedly being looted by its top officers by inflating local land prices. Sudhir Suryawanshi Our correspondent in Maharashtra
Time of India
22-06-2025
- Politics
- Time of India
Top babus now tasked with fact-checking media reports
More than three months after the general administration department prescribed stringent guidelines for electronic and print media, it was found that by and large, there is massive laxity in the implementation of critical orders. Tired of too many ads? go ad free now Chief secretary Sujata Saunik has now issued revised orders, saying it will be the responsibility of the additional chief secretary, the principal secretary and the secretary of the department concerned to ensure that orders are implemented in their letter and spirit. CM Devendra Fadnavis had held a series of meetings on publication of govt news in print and electronic media. The general administration department issued guidelines from all departments for securing accuracy of media reports. Then, it was submitted that in the event of a false news report, a clarification was to be published in 24 hours in case of print media and within an hour on electronic media. But it was found that no critical step was taken by the directorate general of information and public relations (DGIPR) for publication of govt response. To build the state govt's image, Saunik has directed heads of all departments to take immediate cognisance of false news in both electronic and print media and issue a proper clarification immediately. All departments must involve departmental liaison officers in the entire exercise. DGIPR will ensure that the statement of facts is submitted to the agency concerned immediately. A senior bureaucrat said that in the recent past, DGIPR lost significance since most of the cabinet members have their own public relations officers, most of whom are private. The entire episode has created a big challenge for DGIPR. Due justice The conviction of a Thane-based hawker for a murder attempt on a former assistant municipal commissioner in 2021 assumes significance since it was found that most public servants are reluctant to lodge a complaint in view of the complex procedure and harassment. Tired of too many ads? go ad free now Kalpita Pimple, then assistant commissioner, Thane Municipal Corporation (TMC), was seriously injured when she was attacked by the hawker and his colleagues while she was removing illegal structures. The hawker attacked her with a sharp weapon, chopping off three of her fingers. Her colleague, too, was grievously hurt. TMC officials as well as police personnel immediately nabbed the hawker. More significant is the fact that a team of lawyers led by Shishir Hiray submitted the chargesheet in a time-bound period. Hiray brought it to the notice of the judge that it was a murderous attack and maximum punishment should be imposed on the accused. He said it was a prestigious case for him since hawkers attack officials and vanish from the scene, with no witness coming forward to depose. Sessions judge Ashutosh Bhagwat accepted Hiray's contention and gave the hawker seven years of rigorous imprisonment for the murder bid.
