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Sunday, November 19, 2006

Bennet, Coleman picks up 6.42% stake in Premier Tissues

Bennett, Coleman & Co (BCCL) has picked up 6.42% stake in Premier Tissues India, manufacturers and exporters of tissue paper, reports Economic Times.

GG Shenoy, chairman and managing director, Premier Tissues, said the investment will be utilised to expand the existing market and in brand-building efforts.

Premier Tissues was set up in 1998 in technical collaboration with Premier Tissues of Malaysia.

It now has a sales revenue of 350 million, of which up to 25% comes from exports. Premier exports to Australia, Nepal, Bangladesh, Sri Lanka, and countries in Europe and the Gulf.

Shenoy added that the company has recently signed a contract with European company PPI, for the export of tissues of value of Euro 2 million and are also soon signing a 1 million export contract with UK-based Maxima group.

Premier is one of the largest tissue paper manufacturers in India. It caters to the hospitality and healthcare industries and also major IT firms. The tissue paper range includes facial tissues, toilet paper and kitchen towels.

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