Aureos boosts Indian packaging firm with $7m

Sai is a multi-product packaging company that manufactures labels and mono-cartons for food and beverage, pharmaceutical and FMCG industries. It employs a staff of 600 and generated 76% of its 2011 revenues through its paper packaging arm.

"Sai has a strong customer base, marked by high customer retention. Its strategy for future development includes expansion into recession resilient and higher margin products for the pharmaceutical, beverages and FMCG sectors," said Balaji Srinivas, managing partner of Aureos India.

As well as opening a new facility in Bangalore, Sai will use the fresh capital to expand its existing plant in Faridabad, Harayana.

Vijay Raghavan, managing director at Sai, added: "Sai will work towards moving into new markets, adding new customers and providing end-to-end packaging and printing solutions to its customers."

Aureos, which provides expansion and buyout capital to SMEs across Asia, Africa and Latin America, is currently fundraising for Aureos India Fund II, a $200 million vehicle that will invest in India, Sri Lanka and Bangladesh. The fund will look for deals in Indian cities with populations of less than four million, including Ahmedabad, Surat, Coimbatore, Chandigarh, Madurai, Kochi and Bhopal.

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• Topics
• South Asia
• Expansion
• Industrials
• India
• Venture
• Growth capital
• Aureos Advisers (Aureos Capital)