Premji Invest invests $25 million in SB Packagings for significant stake
Bengaluru: Premji Invest, the family office of Wipro’s chairman emeritus Azim Premji, has invested $25 million (about Rs 180 crore) in SB Packagings Pvt. Ltd. for a significant stake.
The deal includes a secondary transaction that gives a partial exit to existing shareholders of the New Delhi-based flexible packaging manufacturer, as well as primary capital for capacity expansion and acquisitions.
EY and Khaitan & Co. acted as advisors to SB Packagings for this transaction.
Founded in 1989 by OP Banga, SB Packagings supplies packing material to the likes of Procter & Gamble, Johnson & Johnson, PepsiCo and Walmart. The company is currently managed by Banga’s son Amit, who has been in the business for the past 30 years. Amit Banga will continue to remain a significant shareholder in SB Packagings and drive the business supported by a professional management team bolstered by the financial and strategic support of Premji Invest.
“With the backing from Premji Invest, one of India’s leading private equity investors, we look forward to further expanding our capabilities through organic and inorganic routes thereby strengthening our position in the Indian flexible packaging Industry,” Banga said.
The company is expected to earn a revenue of Rs 275 crore in FY22.
Premji Invest is the investment arm of Azim Premji’s endowment and philanthropic initiatives. Its portfolio spans sectors—from textile to technology—and includes brands like FabIndia, ID foods, Lenskart, Policybazaar, Flipkart, Gold Plus Glass and Shubham Housing.