Manjushree Thimmaiah NP Feature Photo

Advent Insights

The endless life cycle of plastic: Manjushree Technopack

June 03, 2024

When India hosted the G20 Summit in September 2023, recycling and reusing were themes echoed as essential to India’s nature and ethos.

After the Indian cricket team wore apparel made of recycled PET bottles in the 2015 ICC World Cup, it’s not surprising that India, a nation of cricket enthusiasts, experienced a surge in consumer demand.

Against this landscape, Manjushree Technopack, India’s largest rigid plastic packaging company, is advancing its nation’s sustainability initiatives by placing recycling at its core.

Indeed, Thimmaiah NP, Managing Director and CEO, argues that rigid plastic packaging is “the ultimate sustainable packaging solution” because it can be 100% recycled. Unlike in some countries, where most plastic products end up in landfills, over 90% of PET (polyethylene terephthalate) bottles in India are recycled or upcycled. India’s circular PET economy has shown remarkable growth as a result of increasing consumer consciousness, sustainable packaging demands, and regulatory support.

The partnership

Founded in 1983, Manjushree has 21 locations across India, with its headquarters in Bengaluru. It is India’s largest rigid plastic packaging company with 23 manufacturing plants, over 45 years of experience in packaging, and more than 50 patents and designs.

In October 2018, Advent invested in Manjushree and acquired a majority stake from Kedaara Capital. This transaction marked Advent’s fifth investment in India at the time.

Advent supports the company’s innovation plans and acquisition strategy. In July 2022, Manjushree acquired Hitesh Plastics, a domestic plastic cap and closures manufacturer. This acquisition gave Manjushree access to a new market segment and strengthened its position as an end-to-end rigid plastic packaging producer. With the partnership of Advent, Manjushree made four other acquisitions.

Advent aimed to drive continued growth. Shweta Jalan, Managing Partner and Head of India for Advent, commented at the time of the transaction: “Manjushree Technopack is the market leader in an industry with strong growth tailwinds.”

Thimmaiah has established his sustainability credentials and manufacturing prowess through years of experience overseeing greenfield projects, marketing, R&D, sales, and manufacturing ventures. Before joining Manjushree he served as Managing Director & CEO at Meritor—a Michigan-based motor manufacturing business.

The Indian way

The BornAgain initiative, a recycling arm of Manjushree, has been active since 2020 and focuses on developing and producing high-quality recycled resins from post-consumer plastics. These recycled resins can be used as raw materials in the manufacturing of various products.

Manjushree has made significant progress in reducing greenhouse gas emissions, with a 25% reduction achieved so far. The company has also taken steps to transition more than 40% of its total power consumption to renewable sources such as solar and wind power, effectively reducing its carbon footprint.

Demonstrating its commitment to sustainability, in 2013 Manjushree started construction of a new factory designed to be amongst the first few in India to achieve Leadership in Energy and Environmental Design (LEED) gold certification. This internationally recognized standard is awarded to green buildings that meet certain environmental requirements and thresholds.

Through initiatives like BornAgain and its commitment to renewable energy sources, Manjushree exhibits its dedication to sustainability and becoming a leader in environmentally-friendly practices within the industry.

Manjushree’s ESG score ranks in the 86th percentile globally within its peer group, based on the S&P Global Corporate Sustainability Assessment (CSA).  The company aims to further build on its achievement and reach the top decile by the end of CY24.

Hand in hand

Advent and Manjushree work closely together as a unified team, according to Thimmaiah. “We work hand in hand with Advent,” he said.  He emphasized that the speed of decision-making with Advent is exceptional, enabling quick growth and allowing Manjushree to achieve its desired goals.

Thimmaiah also highlighted the immense growth and profitability opportunities that exist within the business. With the support and expertise provided by Advent’s pool of experts, Manjushree has experienced significant growth.

For Thimmaiah, leaving behind a legacy is of utmost importance. He thrives on challenges and relentlessly pursues targets to achieve them.

Manjushree’s current client portfolio includes esteemed companies such as GSK, Coca Cola, Unilever, Dabur, Mondelēz, Nestlé, and L’Oréal. The trust placed in Manjushree by these renowned clients underscores its reputation for delivering high-quality packaging solutions.

© 2002-2024 Advent International, L.P. All rights reserved

LinkedIn Instagram youtube