Indonesia’s APRIL Group To Enter India With Origami Buyout

(Bloomberg) -- Indonesia’s Asia Pacific Resources International Ltd. Group said it bought a controlling stake in Indian tissue paper manufacturer Origami Cellulo Pvt., marking the pulp maker’s entry into the South Asian country.

The deal, pegged at about $50 million in total, includes the purchase of a 30% holding owned by BanyanTree Growth Capital II, people familiar with the matter said, asking not to be identified as the information is not public. ICICI Securities is the adviser for APRIL Group and a part of the deal value would be paid upfront, they said.

APRIL declined to provide details on the deal value when contacted by Bloomberg News. Origami and BanyanTree did not immediately respond to emails seeking comments.

The acquisition is part of APRIL’s strategy to expand its global footprint into the world’s most populous nations following recent investments into the tissue markets in China, Southeast Asia and Brazil, the company said in a statement Wednesday. 

“The Indian tissue market is rapidly expanding, driven by consumers’ evolving perceptions and habits on hygiene and personal care,” said Suneel Kulkarni, country head, APRIL India and subcontinent. 

APRIL, a part of conglomerate RGE Pte. owned by Indonesian tycoon Sukanto Tanoto, is looking to acquire assets globally. In December, it announced plans to buy tissue maker Vinda International Holdings Ltd. for as much as $3.3 billion.

(Updates with deal details from people familiar with the discussions)

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