Wipro billionaire Azim Premji’s investment arm Premji Invest, and private equity company ADV Partners have recently announced their acquisition of a majority stake in MPPL (Micro Plastics Private Limited), a leading plastic molding firm.
The investment is designed to serve as a catalyst for MPPL’s next stage of growth. It will allow for rapid expansion and development of new production facilities in order to address growing customer demand.
Bengaluru-based Micro Plastics Private Limited runs 5 manufacturing plants in and around the city. Founder and managing director of MPPL, Vijendra Babu, an industry veteran with over 25 years of experience, will retain a stake in the company. He will also continue to lead the company, alongside a team of experienced senior leaders.
According to MPPL, it is set to play a prominent role in positioning India as a hub for such manufacturing, addressing the needs of both export and domestic markets for largescale multinational clients.
Babu has reportedly expressed his excitement at bringing Premji Invest and ADV on board as investors towards MPPL’s next growth phase. He added that India’s toy sector holds tremendous potential, both on domestic as well as export fronts.
According to Babu, MPPL has emerged as a major contract manufacturer in India for prominent global brands and has plans to develop these relationships further. The company is also seeking to expand its footprint in industries such as healthcare, sports and consumer goods.
Suresh Prabhala, ADV Partners managing partner and co-founder has reportedly commented on the vast market opportunities for MPPL. He added that ADV Partners, along with Premji Invest is looking forward to working with Babu to expand the business, as well as help advance India’s toy manufacturing ecosystem, via initiatives like skill development.
A spokesperson for Premji Invest also stated that the firm has shown excitement towards partnering with ADV Partners and the team at MPPL to develop a globally competitive plastic component and toy manufacturing business.