Business Standard

Vikas Multicorp enters food protection and personal hygiene segment

Specialty chemicals firm Vikas Multicorp said it will enter the food protection and personal hygiene segment of the FMCG industry with an investment of approximately Rs 100 crore in two years

pharma, chemicals

Press Trust of India New Delhi

Specialty chemicals firm Vikas Multicorp on Tuesday said it will enter the food protection and personal hygiene segment of the FMCG industry with an investment of approximately Rs 100 crore in two years.

The company has signed a definitive agreement for acquisition of a portfolio of trademarks, comprising of popular and well established national brands," Vikas Multicorp said in a regulatory filing.

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Without divulging details of the deal, the company said it has acquired trademarks of food packaging and tissue paper brands -- Homefoil, Chapati Wrap, Cleanwrap and Mistique.

Vikas Multicorp said with the acquisition of the brand portfolio, the company is initiating the process to identify and acquire an existing patent for manufacturing these items.

 

"In the interim, alternate arrangements are being made to produce these products through third party contract manufacturing," the company added.

Vikas Multicorp said the demand of aluminium foil and tissue paper products in India has been growing at a fast pace and is expected to continue to grow in view of present per capita consumption is quite low.

"With the changing lifestyle, urbanisation and increasing requirement of food packaging would be the key factors for sustaining the growing demand. Post COVID-19 certain changes are expected in consumer behaviour which also impetus the pace further," the company added.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Aug 18 2020 | 4:17 PM IST

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