Surat: Shish Industries Ltd. (BSE Code: 540693) has announced the acquisition of 3 businesses basis the decision taken by the Board of Directors of the Company in their Board Meeting held on August 29 2023. The present expansion plan comprises of the incorporation of its wholly owned subsidiary VARNI Wood & Paper Packaging Private Limited (“VARNI”), acquisition of Varni proprietary concern machinery, most of the employees, brand, client & existing running business, similarly M/s. Tapeplast Industries, a Partnership Firm and M/s. Stick at Touch, a prominent Proprietorship Entity.
This strategic move is aimed at expanding the Company’s product offerings to include wood & paper packaging products, tarpaulin products and Paper, Polyester, Maplitho Sticker(s), and thermal Sticker(s) alongside its existing plastic packaging offerings. The combined turnover from all three companies acquired as of March 31, 2023, is approximately INR 18 crore. These additional products shall continue to be offered to existing clients and shall also offer Shish Group to offer new additions in product offerings to its own existing clients. Thus, we expect a much bigger turnover beyond the existing INR 18 Crores turnover of acquired interests.
Mr. Satishkumar Maniya, Chairman and Managing Director of Shish Industries Limited, expressed enthusiasm about these developments, stating, “The incorporation of VARNI and the strategic multiple acquisitions underscores our dedication to innovation and growth. We are excited to broaden our product offerings and increase our operational efficiencies. We will continue our strategies to expand organically and inorganically in coming times.”
Mr. Rameshbhai Kakadiya, Whole-Time Director, Shish Industries Limited, said, “Shish Industries is excited to embark on this new phase of growth and is confident that these strategic decisions will further enhance its position in the packaging industry. The acquired businesses bring unique propositions and help us leverage our existing client network and operational efficiencies. The Company remains committed to delivering high-quality packaging solutions that meet the evolving needs of its customers.”
Our new subsidiary, VARNI, is being established with the purpose of acquiring 100% ownership of the business previously operated as a sole proprietorship under the name VARNI PACKAGING. By incorporating VARNI, Shish Industries is poised to harness the growth potential within the wood and paper packaging sector, further solidifying its position as an industry leader. This move underscores the Company’s commitment to diversifying and enhancing its product range and capitalizing on evolving market demands.
In addition, the Company has also received approval for the acquisition of state-of-the-art machinery from M/s. Tapeplast Industries, a Partnership Firm. The machinery itself will enable the Company to bring the manufacturing of “Tarpaulin” in-house. This strategic investment empowers the Company with greater control over its production processes and enhances its ability to meet customer expectations efficiently.
Furthermore, the Company is set to expand its manufacturing capabilities through the acquisition of machinery from M/s. Stick at Touch, a prominent Proprietorship Entity. This machinery will enable the Company to manufacture a diversified range of products, including “Paper, Polyester, Maplitho Sticker(s) & Thermal Sticker(s)” at its own facilities.
Additionally, Shish Industries has obtained approval for the long-term lease of land situated at Unit 1 (measuring about 4947.30 sq. mtrs) and Unit 2 (measuring about 4452.82 sq. mtrs) at Techno Zone, Canal Road, Mangrol, Mahuej, Surat, Gujarat- 394125. The lease agreement, spanning 25 years, is subject to the endorsement of the shareholders at the upcoming General Meeting. This move underscores the Company’s commitment to expanding its operational footprint and enhancing its existing manufacturing capabilities.
About Shish Industries Limited:
Shish Industry is a multi-disciplinary corporation based in India that is known for its groundbreaking innovations and quality products like industrial and export packaging products, building insulations and ventilation products, and geo-membrane products, amongst others.
Shish Industries Limited, through intense research in its field, brings innovations & customization solutions to global customers, driven by strong development capabilities. The Company has shown great development since its incorporation. Various innovative developments have always provided the Company an edge over other industries in its field. Founded in 2012, Shish Industries Ltd. has become a trusted manufacturer & exporter of plastic corrugated sheets, PP boxes, FIBC Bags, PP/PE woven fabric, tarpaulin, and shipping packaging supplies. The Company has its registered & corporate offices and various factories in Surat district, Gujarat.