India’s Jindal Poly Films has acquired Dutch load security films company Apeldoorn Flexible Packaging Holding for an enterprise value of €82.3 million in an all-cash deal. The transaction, which was done through subsidiary JPF Netherlands, marks Jindal’s first foray into the business of load security films.

“This acquisition will provide us access to load security films – a new product line – and will also strengthen our relationship with brand owners in the food, beverage and FMCG (fast-moving consumer goods) segments. We remain committed to expanding our differentiated product offerings in the packaging films business globally,” said Rakesh Tayal, senior executive at Jindal Poly Films.

The acquisition, which requires regulatory approvals in the Netherlands and Germany, is expected to close by Sept. 30. The transaction provides an exit for European private equity group Bencis Capital Partners, which bought into Apeldoorn in 2014. Apeldoorn also makes packaging films for bread and cheese and posted consolidated revenues of €111 million in 2016.

According to recent media reports, Jindal Poly Films is in advanced negotiations to buy the European operations of DuPont Teijin Films for $300 million.