- Education And Career
- Companies & Markets
- Gadgets & Technology
- After Hours
- Banking & Finance
- Energy & Infra
- Case Study
- Web Exclusive
- Property Review
- Digital India
- Work Life Balance
- Test category by sumit
Sudhanshu Vats Appointed CEO And MD At Essel Propack
Prior to joining Essel Propack, Vats spent eight years as Managing Director and Group CEO of Viacom18.
Photo Credit :
Essel Propack Limited has appointed Sudhanshu Vats as Additional Director of the Company, effective 16 April 2020.
The Board has further appointed Vats as Chief Executive Officer and Managing Director of the Company. He has is also been designated as key managerial personnel pursuant to the Companies Act 2013.
Prior to joining Essel Propack, Vats spent eight years as Managing Director and Group CEO of Viacom18. During his tenure, he scaled the business from six to over 54 television channels across more than 80 countries, added three more lines of business and grew revenue by over 4x.
Before Viacom18, Vats spent more than 20 years at Unilever in various sales and marketing and general management roles. He left Unilever as the head of Unilever’s laundry business in South Asia and head of the Radiant brand globally. He made Radiant the fastest-growing laundry brand in the world with over Euro 500 mm turnover.
During his tenure at Unilever, Vats shaped household brands like Lipton, Vim, Wheel, Surf, Rin, Lifebuoy and Lux.
Vats is also the Chairman of the National Media and Entertainment Committee of CII, Vice President of IBF (Indian Broadcasting Foundation) and Director at BARC. He is also on the advisory board of a number of NGOs.
Meanwhile, media reports, Essel Propack is being bought by Blackstone for $310 million. The latter will be buying 51 percent of the promoter stake at the rate of Rs 134 for a share and as per media agencies will be launching an open offer for an extra 26 percent.
Essel Propack is a manufacturer of laminated plastic tubes and packaging used in oral care products, food, and pharmaceuticals. The company is being run by Subhash Chandra’s brother Ashok Goel.
Some of Essel Propack’s big customers in India include Dabur, Godrej, Emami, Vicco, Marico, and Patanjali.
Blackstone took over Essel Propack, the world’s largest packaging firm for $310 million last financial year. The official announcement was made in late April 2019. Blackstone bought 51% of the promoter stake at INR 134/share and launched an open offer an additional 26% of the company at INR139/share, said sources. Essel Propack is run by Ashok Goel, sibling of Subhash Chandra of Essel Group (Zee).
In 2015, Essel Propack sold its wholly-owned subsidiary Packaging India (PIPL), valued at Rs 165 crore, to Amcor Flexibles India. Amcor, the Australian packaging giant agreed to acquire US competitor Bemis Co.in an all-stock deal valued at $5.26 billion to expand sales of plastic packaging in the Americas.
The debt-ridden Essel Group was in the process of selling various assets, including parts of its road and solar portfolio. Subhash Chandra was also looking for a buyer for half his stake in flagship Zee Entertainment Enterprises.