Indian paper and packaging solutions company JK Paper has entered into an agreement to acquire Manipal Utility Packaging Solutions Private (MUPSPL) for approximately Rs900m ($10.81m).

As part of the share purchase agreement, JK will buy 47 million equity shares, representing 100% shares of MUPSPL at Rs21.80 per equity share of Rs10 each.

MUPSPL specialises in manufacturing packaging products such as folding cartons, corrugated boxes, and labels with a revenue of Rs1.47bn in the financial year 2022-23.

Headquartered in Manipal, a town in the Indian state of Karnataka, the company operates a network of four manufacturing plants across the country.

It is part of the long-term strategic objective of JK and its subsidiaries in the packaging business.

The deal is not required to be approved by government or regulatory bodies in the country.

JK vice-chair and managing director Harsh Pati Singhania said: "This acquisition is in line with the long-term strategic objective of the company in the packaging business and gives us an opportunity to offer combined solution[s] to the customers with respect to secondary and tertiary packaging, improve operational efficiencies and ensure that MUPSPL grows and adds value to stakeholders."

JK produces coated paper and packaging products in India. Its expertise in manufacturing is said to benefit MUPSPL's customers, employees, vendors and partners.

In November last year, JK agreed to acquire 85% of the shares of Horizon Packs and Securipax Packaging for approximately Rs5.78bn.