Borosil Glass Works has entered primary pharma glass packaging business with the acquisition of 60.3% stake in India-based Klasspack.
However, financial terms of the deal were not disclosed.
For the ownership stake acquisition in Klasspack, Borosil will primarily carry out the transaction through fund infusion into the company.
Borosil said in a regulatory filing that the deal also involves a smaller secondary purchase of shares.
Klasspack, which has manufacturing facilities in Nashik, Maharashtra, a state in India, is engaged in providing glass ampoules and tubular glass vials which are used as packaging materials by pharmaceutical companies.
Borosil managing director Shreevar Kheruka said: “Our investment will help Klasspack to ramp up facilities and production to give our current pharmaceutical customers a high quality choice for sourcing their pharmaceutical packaging needs.
“Borosil already enjoys a high brand equity and quality reputation in the pharmaceutical industry and we are confident that our existing customers will substantially benefit from this transaction.”
With the acquisition, Borosil intends to combine its technological expertise in specialty glass production with Klasspack’s experience in glass ampoule and tubular glass vial production.
Borosil provides laboratory glassware for India’s pharmaceutical companies, research laboratories, healthcare science and educational institutes.
Klasspack managing director Prashant Aminsaid: “Klasspack will enormously benefit from Borosil’s brand equity and market reach, while Borosil will be able to leverage Klasspack’s manufacturing set-up and product development capability to expand offerings and augment their product portfolio.”
Borosil manufactures glassware products, which are also exported to North America, Europe, Asia, Australia and Middle East.
Image: Borosil Glass Works has acquired Klasspack and entered primary pharma glass packaging business. Photo: courtesy of adamr/ FreeDigitalPhotos.net.
