Following the takeover, it has been renamed as IMA Dairy & Food Holding.
IMA develops and produces packaging machines for pharmaceuticals, cosmetics, tea, coffee, dairy and food and beverage industries.
Hassia offers customised and integrated solutions for flexible packaging across varied applications.
The acquisition of the OYSTAR Group has led to an increase in IMA group's turnover to over one billion euro, the company said.
Hassia expects to make sizeable gains in the domestic and global markets, besides strengthening its footprint in the global packaging industry in geographies like South Asia, South-East Asia, the Middle East, Africa, Eastern Europe and West Asia, it said.
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Hassia is looking at 20 per cent growth year-on-year with focus on becoming an export-oriented company by 2017.
Currently, it exports 30 per cent of its products to international markets, including Africa, SAARC and South-East Asia. The projected turnover from exports is expected to be more than 50 per cent, going ahead, it said.
"Hassia Packaging has expanded its position as technology leader in the market for packaging solutions for varied industries," Managing Director K Ravi said.
Some of the prominent clientele of the brand include blue-chips like Unilever, ITC, P&G, Perfetti, Kraft Foods, GSK, Danone and Abbott.
Altogether, the former OYSTAR Group has sold more than 100 packaging machines to India from Germany.