Premji Invest is the family office of Wipro chairman Azim Premji. Credit: Monikia Flueckiger / Flickr.

Premji Invest, the family office of Wipro founder Azim Premji, has acquired a significant stake in India-based packaging company SB Packagings (SBP).

The exact financial details of the transaction have not been disclosed, but the deal is said to be valued at around $25m.

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The acquisition primarily involves the partial sale of a stake held by SBP’s current promoter shareholders.

SBP will use the primary capital injection to expand its capacity and pursue inorganic acquisitions.

Based in Delhi, SBP manufactures flexible packaging materials for companies in the hygiene and food industries.

Its clients include Procter and Gamble, Johnson and Johnson, Unicharm, Kimberly Clark, Nobel Hygiene, Walmart, Future Group and PepsiCo.

Following the acquisition, SBP’s current managing director Amit Banga will continue to be a significant shareholder in the company.

He will endeavour to drive the business with financial and strategic support from Premji Invest.

Mr Banga said: “We have grown steadily over the last decade, winning trust and market share with our marquee global customers, who have a very high threshold for quality and consistency.

“Innovation and sustainability have been the core pillars of SBP’s business model.

“With the backing from Premji Invest, one of India’s leading PE investors, we look forward to further expanding our capabilities through organic and inorganic routes, thereby strengthening our position in the Indian flexible packaging industry.”

EY and Khaitan and Co served as SBP’s advisors for the transaction.

Premji Invest focuses on expanding medium-sized Indian companies to compete on a global scale. It primarily operates across the consumer, financials, technology and manufacturing industries.

The company has invested in Fab India, Hygienic Research, ID Foods, Lenskart, Policy Bazaar, Flipkart, Gold Plus Glass and Shubham Housing among other companies.