Malaysian private equity firm Creador is weighing a complete exit from Ujjain-based Shriji Polymers. The potential stake sale could value the pharmaceutical packaging firm at $400-500 million. "These are early days and the proposed sale process has not been formally launched," a person familiar with the matter said recently.
A stake sale is being explored at Ujjain, Madhya Pradesh-based Shriji Polymers, a leading plastic packaging solutions provider to the global pharmaceutical industry, as Malaysian private equity firm Creador weighs a complete exit from the company, people familiar with the matter told Moneycontrol. "Creador picked up a significant minority stake in Shriji Polymers back in 2020 and is now exploring a complete exit following more than six years of investment. These are early days and the proposed sale process has not been formally launched," one of the persons said. According to a second person, "Depending on the valuations and the nature of discussions with potential suitors, it is possible that the promoter group may also look to dilute part of its stake.
If that happens, a controlling or majority stake may be available to the incoming investor. The targeted valuation is between $400 million and $500 million." "Investment bank JP Morgan has been mandated as the sell-side adviser for the deal. Shriji Polymers also has manufacturing units outside India, and strategic players, both domestic and overseas, as well as select private equity funds are expected to show interest," a third person added. The three persons spoke to Moneycontrol on the condition of anonymity. Email queries sent to Creador, Shriji Polymers and its promoters remained unanswered at the time of publication.
Reminders have been sent, and this article will be updated as soon as responses are received. When contacted, JP Morgan declined to comment. In August 2020, Creador provided an exit to Tata Capital and invested around $34 million in Shriji Polymers. Two years later, in a bid to bolster its presence in the rigid plastic packaging segment, Shriji Polymers acquired a majority stake in Parekhplast India. The acquisition helped Shriji diversify its business, as Parekhplast operates across sectors such as paints, construction chemicals, FMCG, pharmaceuticals and nutraceuticals. Established in 2011, Creador focuses on growth investments in South and Southeast Asia.
Since its inception, it has raised more than $3 billion across six funds and invested in over 60 companies. In India, its investments include Paras Healthcare, La Renon, Sapphire Foods, Kogta Financial, IKF Finance and Shubham Housing Finance. The packaging sector has seen a major deal in 2026, with Blackstone-backed EPL Limited, a flexible packaging solutions player, entering into definitive agreements for a $2 billion merger with Indovida, a rigid PET packaging company backed by Thailand's Indorama Ventures. The merger is aimed at creating a global consumer packaging major. Last year, Asia-Pacific-focused PAG signed definitive documents to invest in Manjushree Technopack Limited, one of India's largest rigid plastic packaging companies.
The private equity firm also acquired a majority stake in Pravesha Industries Private Limited, a packaging company focused on the pharmaceutical sector. Read More: PAG announces back-to-back packaging deals with Manjushree Technopack, Pravesha Industries Lens on Shriji Polymers Set up in 2005, Shriji Polymers' product portfolio includes high-density polyethylene (HDPE) bottles, polypropylene (PP) caps, including child-resistant (CR) and tamper-evident (CT) variants, and other specialised plastic products such as derma bottles, tablet applicators, dosing cards and self-administered dosing devices.
According to its website, the company has the capacity to produce 3 million containers and 3.5 million closures a day. It also holds Drug Master Files with the US Food and Drug Administration, Health Canada and China's drug regulator, the website says. The company's infrastructure includes a library of more than 400 moulds and 12 strategically located facilities. Shriji Polymers' clientele includes Mylan, Abbott, Taro Pharma, P&G Health, Cipla, Sun Pharma, Dr Reddy's, Piramal Group, Wockhardt, Britannia, Asian Paints, Hatsun, Berger Paints and Marico, among others. According to a report on Shriji Polymers by ratings agency ICRA dated December 11, 2025, "On a consolidated level (excluding PIL), the company's manufacturing facilities are located in Ujjain (Madhya Pradesh), Pithampur SEZ (Madhya Pradesh), Ahmedabad (Gujarat), Goa, Hyderabad (Telangana), Baddi (Himachal Pradesh), China and USA with a combined annual plant capacity of 23,364 MTPA as on March 31, 2025."