Mumbai, Oct 6 :    Mumbai, Oct 6:  The Essel group, owned by media baron Subhash Chandra, is hiking its stake in group company, Essel Packaging Ltd, using the creeping acquisition route. The group raised its stake in Essel Packaging by 3 per cent this month, increasing its holding to over 44 per cent. Essel Packaging has informed the stock exchanges about the purchases, which were undertaken through open market operations by group concern Churu Trading. Churu Trading bought around 4.5 lakh shares between September 22-26 for around Rs 396 and Rs 407 per share. Speaking to The Telegraph, senior company officials said that the group is likely to acquire the entire 5 per cent as permitted by the Securities and Exchange Board of India (Sebi), through the creeping acquisition mode. This would be the second attempt by group chairman Chandra to raise his stake in Essel Packaging. Essel had earlier identified the buyback of shares as one of the vehicles to reduce capital employed and improve the rate of return and shareholder value. Though the company had initially decided to buyback the equity shares within a price band of Rs 250 to Rs 300 per share, with share prices of the company ruling above Rs 300 it felt a buyback at such prices would not serve the purpose for which it was intended. Market circles do not rule out the possibility of the group again taking recourse to the creeping acquisition route to raise its stake in Essel. Essel Packaging, which was incorporated in 1982, manufactures laminated tubes used in packaging toothpastes, food & dairy products, cosmetics, toiletries etc. The company has three foreign ventures in China, Egypt and Germany. Further, it has invested over Rs 4.8 crore in Essel Packaging (Nepal) Pvt Ltd, its 100 per cent subsidiary.