Goldman Sachs has been brought in as adviser for selling a stake of around 51% in the Indian PET film producer

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The promoters of Polyplex are reportedly looking to sell their controlling stake in the company. (Credit: aymane jdidi from Pixabay)

Sanjiv Saraf and his family, who are the promoters of Indian packaging company Polyplex, are reportedly exploring the possible sale of their controlling stake.

In this connection, the promoters have roped in Goldman Sachs as their adviser for evaluating the sale of their 50.97% stake in the polyester (PET) film producer, reported Moneycontrol, citing an undisclosed source.

The source has been quoted by the publication as saying: “Polyplex Corporation has mandated investment bank Goldman Sachs and is evaluating the sale of a controlling stake in the company.

“Demand has risen sharply in all segments of the packaging sector post the outbreak of COVID-19 with profits and capacity utilisation going up.”

Polyplex is said to have a market cap of INR24.69bn ($330m). The promoters are looking to sell their stake in the company for at least INR15bn ($200m).

The company claims to have the fifth-largest capacity of PET film in the world. Polyplex’s business portfolio also includes biaxially oriented polypropylene (BOPP), Blown PP/PE, and Cast Polypropylene (CPP) films.

It has an integrated downstream capability of metallising, silicone coating, holography, extrusion coating, and offline chemical coating, among others.

The company has integrated manufacturing and distribution operations across six countries. These include India, Turkey, Thailand, Indonesia, the Netherlands, and the US.

With a workforce of over 2,000, the company supplies to nearly 1,900 customers across 83 countries. Its products include Sarafil range of plastic films, Saracote range of silicone coated films, Saralam range of extrusion coated film products, and the Saraprint non-tearable polyester film.