Bangalore-based Premier Tissues, a manufacturer and exporter of tissue papers, is acquiring an UK-based tissue converting company in a deal worth £8-10 mn. In addition to the company’s bankers, Bank of India and the EXIM Bank have also shown interest in financing the deal. The company is also holding talks with a couple of venture capital firms to fund the deal. The acquisition is expected to be consummated by March 2007. Presently, Premier Tissues is one of the largest exporters of tissue products to UK. By February 2007, with this expansion, the company will be able to export about 700 tonnes of tissue products per month.
Read The Economic Times article.
It is to be noted that Bennett, Coleman & Co. (BCCL), the media group that owns The Times of India and The Economic Times, had recently picked up 6.42% stake in Premier Tissues. The company was set up in 1998 in technical collaboration with Premier Tissues of Malaysia. It now has a sales revenue of 35 crore, of which up to 25% comes from exports.
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