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Last Updated : Jul 04, 2017 11:31 AM IST | Source: Moneycontrol.com

Jindal Poly Films gains 4% after subsidiary acquires company in Netherlands

The acquisition, which is expected to close by September-end, will require Works Council advice of AFP and anti-trust approvals in the Netherlands and Germany.

 
 
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Jindal Poly Films rallied more than 4 percent intraday Tuesday after the subsidiary acquired the company in Netherlands.

"The board of directors of JPF Netherlands BV, subsidiary of the company, has approved the acquisition of Apeldoorn Flexible Packaging Holding BV, Netherlands subject to regulatory approvals," the polyester and polypropylene films manufacturer said in its filing.

JPF acquired AFP at an enterprise value of euro 82.3 million (Rs 598 crore).

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"The acquisition results in access to a new product segment for the company and strengthens relationship with brand owners in food, beverage and FMCG segments," Jindal Poly said.

The acquisition, which is expected to close by September-end, will require Works Council advice of AFP and anti-trust approvals in the Netherlands and Germany.

Incorporated in 2014, Apeldoorn Flexible Packaging is a leading manufacturer of load security films, bread and cheese packaging films in Europe. It posted a revenue of euro 111 million (Rs 810 crore) in 2016.

At 10:57 hours IST, the stock price was quoting at Rs 407.55, up Rs 2.35, or 0.58 percent on the BSE.

Posted by Sunil Shankar Matkar

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First Published on Jul 4, 2017 11:31 am
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