In a move that will give Ahmedabad-based electromechanical engraver, Shilp Gravures, a bigger footprint and faster access to the East Indian market, the company has acquired 100% shares in Etone India, which is based in Kolkata and manufactures gravure rollers. With this acquisition, Etone India has become a wholly-owned subsidiary of Shilp beginning August 2019.
“We got an opportunity to acquire Etone India in March this year. We seriously considered the opportunity and called our board meeting before going ahead and starting the acquisition process. All the formalities and processes are complete and Etone is now part of Shilp Gravures. The two companies have had a very long working relationship going back to almost 12 years. The companies share a lot of common ideas. We are a very good fit,” Ambar Patel, managing director of Shilp Gravures told Packaging South Asia during the 8th Speciality Films & Flexible Packaging Global Summit 2019, which was held in Mumbai from 22-23 August.
Shilp produces engraved gravure rollers and photopolymer plates for flexo printing for the narrow-web and wide-web segments of the flexible packaging and label industry at its Ahmedabad factory. With this acquisition, Shilp will have its second manufacturing unit in India and its capacity will increase by almost 20%. Apart from having two manufacturing facilities, Shilp also has sales offices in Delhi, Mumbai and Chennai.
“Etone is a very well-known and respectable name in eastern India. So, this acquisition has been a strategic move for Shilp as we had very little presence in eastern India. The acquisition of Etone will help us serve the markets of West Bengal, Bihar, Odisha and Northeast. With Shilp’s expertise and the experienced and dedicated team of Etone, we can provide excellent service to our customers in these markets,” Patel added.
In the near future, Shilp will look to upgrade the Etone plant if there is a need for such a move.
“As you know, Shilp Gravures believes in consistency of quality and so if we feel that we need to make some investments in Etone’s plant we will definitely do that,” said Patel.