Further, the Indian public sector bank SBI has bought 3,70,000 shares at Rs 1,349 apiece. It positioned a 6.35% stake worth Rs 49.9-crore in Canpac.

Canpac, headquartered in Ahmedabad, was founded in 2012 by first-generation entrepreneur Nilesh Todi. It specialises in products like folding cartons, luxury boxes, corrugated cartons, paper bags, and flexible laminate solutions. It has four manufacturing plants in Ahmedabad, Kolkata, and Tiruppur. It employs 700 people, including over a hundred technical experts, to run the stations. 

Speaking to PrintWeek, about the Investcorp fund infusion and the SBI’s Canpac share acquisition, Todi said that the investment comes at a vital point in his company’s growth journey as it continues to expand its presence across India. "This funding round will enable us to scale up our manufacturing and sales capabilities."

Readers of PrintWeek will recall that in March 2021, Canpac had raised funds to the tune of Rs 600-mn (Rs 60-cr) from JM Financial, a sector-agnostic growth-capital private equity fund, to fund the company’s expansion plans. Soon after, in July 2021, Canpac signed a deal for two K&B sheetfed offset printing presses with Indo Polygraph Machinery, the Indian representative of the German manufacturer Koenig & Bauer (K&B). These machines, Rapida 106 and Rapida 105, have since been installed at the Eastern unit. 

However, the new round of transactions will allow JM Financial India a partial exit. 

In late October this year, Canpac established Altpac, a division focussed on sustainable packaging, to offer eco-friendly packaging within the eCommerce and retail domains.

Raag Todi, junior director at Canpac, informed PrintWeek that the new company, Altpac, is progressing well. Along with Altpac, Canpac has also set up a new food service packaging division called Sweetdisp, to offer food-safe packaging products within the quick service restaurants (QSR) and hotel, restaurant and cafe (HORECA) markets.

In other news, Canpac has signed a deal to install two more K&B Rapida presses for the upcoming plants. Currently, Canpac has five K&B presses installed at its different plants.

Todi added that overall Canpac is on track to reach Rs 1,000-crore turnover in the next three years.