Japanese firm Toyo Aluminium has acquired 33.4 per cent stake in the capital-based pharma packaging firm Svam for an undisclosed amount.
As part of the joint venture agreement, Svam Packaging has now been christened as 'Svam Toyal Packaging Industries'. It will manufacture aluminium foil packaging solutions such as laminates for pharma industry.
The partners also plan to set up manufacturing units in India and abroad to cater to clients in the pharma and food packaging industry.
"This partnership will help us serve our customers better and provide safer packaging products in healthcare as well as food and beverage industry," Svam Packaging Industries Managing Director Satish Ailawadi told reporters here.
Delhi-based Svam caters to various leading pharmaceuticals companies in the country and also exports its its packaging solutions to clients in Europe, South America, Middle East and South East Asian countries.
With the three plants, the company has a capacity to manufacture 10,000 tonnes of cold form foils annually.
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Toyo Aluminium on the other hand is the leading aluminium packaging company with a turnover of around USD 1 billion. It has strong presence across various geographies, including the US, Europe and China.
"India is a growing market with requirement of innovative products. We want to invest in India's remarkable growth story and ensure product safety through offering our innovative technology in the packaging domain," Toyo Aluminium President Hiroshi Yamamoto said.
The company will focus on manufacturing in India, while a R&D centre will come up in Japan to develop new products.
The Japanese firm will bring in advanced technology in the packaging sector and also focus on anti counterfeiting solutions to control the problem of spurious drugs.