Cable TV
Essel Propack enters medical devices; acquires Tacpro Inc and Avalon Medical Services
MUMBAI: The Subash Chandra promoted — Essel Propack, the largest manufacturer of laminated tubes has acquired 85 per cent stake in Tacpro Inc., USA, and Avalon Medical Services Pte Ltd, Singapore.
The companies are players in the field of advanced medical device design and development and offer over 100+ years of collective experience in the medical device industry, informs an official release.
Essel Group chairman Subhash Chandra, while declaring the strategic intent, stated, “I have always held a firm belief close to my heart. Faith in innovation and organized growth. It is by walking this path that Essel Group has reached the position it holds today. Giving birth and nurturing Industries which no one thought would exist.
“And today, once again Essel has proved that its Faith is as strong as ever before. This is just a humble step towards a brighter morrow. A morrow with endless opportunities, promising future and unlimited growth.”
While announcing the acquisition in Mumbai, Essel Propack vice-chairman and MD Ashok Goel said, “Medical devices arena is our new and third horizon, after laminated tubes and plastic tubes. Our objective is to leverage our knowledge of polymers and polymer processing so as to add a new dimension to our business. While it offers endless opportunities and potential for growth, it is in sync with our knowledge & capabilities, strengths and core competence of both Essel Propack and Tacpro.”
Tacpro CEO Nitin Matani said, “This is the coming together of two pioneering entities, with a common objective to leverage the collective strengths for global excellence. This is the first step towards realizing my vision of bringing India to the forefront of the medical device industry. By combining Essel Propack’s resources and expertise in high volume manufacturing, this partnership will also allow us to fulfill that vision by providing expanded services to our global customers.”
Since its inception, Tacpro is a provider of innovative medical device designs, converting ideas into medical device solutions. The company pioneered as the first full-service provider of high quality medical devices specializing in catheters and delivery systems on the West Coast of USA.
Essel Propack, Tacpro and Avalon have huge synergies notably the knowledge of polymers & polymer processing and global benchmark technology. On this significant development, Doug Wilkins, Vice President – Operations at Tacpro spoke, “This partnership will enable Tacpro to meet the high quality expectations of the medical device market while continuing on its path to be a worldwide leader in Medical Devices.”
According to the official release, medical devices is not developed in Asia, which is a thickly populated market and a virtual Greenfield. Figuratively, the global medical devices market size is $ 172.6 billion. Of this, the contract manufacturing comprise $ 16.7 billion. The catheter market alone is about $ 5.7 billion of which the USA has $ 2.3 billion share. The industry growth is estimated at 7 per cent -10 per cent. Tacpro Jeff Kraus said,” This is an awesome opportunity to be able to provide our services to a larger and wider market.”
The present team at the company, headed by Nitin Matani, the chief executive officer, will continue to manage the operations of the Company, under the guidance of Essel Propack.
MUMBAI: When margins wobble, liquidity talks and in Q3 FY25-26, cash did most of the talking. Den Networks Limited closed the December quarter with consolidated revenue of Rs.251 crore, marginally higher than the previous quarter but down 4 per cent year-on-year, even as profitability stayed resilient on the back of strong cash reserves and disciplined cost control.
Subscription income softened to Rs.98 crore, slipping 3 per cent sequentially and 14 per cent from last year, while placement and marketing income offered some cheer, rising 15 per cent quarter-on-quarter to Rs.148 crore. Total costs climbed faster than revenue, up 7 per cent QoQ to Rs.238 crore, driven largely by higher content costs and operating expenses. As a result, EBITDA dropped sharply to Rs.13 crore from Rs.19 crore in Q2 and Rs.28 crore a year ago, pulling margins down to 5 per cent.
Yet, the bottom line refused to blink. Profit after tax stood at Rs.40 crore, up 15 per cent sequentially and only marginally lower than last year’s Rs.42 crore. A healthy Rs.57 crore in other income helped cushion operating pressure, keeping profit before tax at Rs.48 crore, broadly stable quarter-on-quarter despite the tougher cost environment.
The real headline-grabber, however, sits on the balance sheet. The company remains debt-free, with cash and cash equivalents swelling to Rs.3,279 crore as of December 31, 2025. Net worth rose to Rs.3,748 crore, while online collections accounted for 97 per cent of total receipts, underscoring strong cash discipline across operations, including subsidiaries.
In short, while Q3 showed signs of operating strain, the financial backbone remains solid. With zero gross debt, steady profits and a formidable cash war chest, the company enters the next quarter with flexibility firmly on its side proving that in uncertain markets, balance sheet strength can be the best growth strategy.
