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Japan's Toyo Aluminium acquires 33% stake in Svam Packaging

Press Trust of India  |  New Delhi 

Japanese firm Toyo has acquired 33.4 per cent stake in the capital-based pharma packaging firm for an undisclosed amount.

As part of the joint venture agreement, Packaging has now been christened as 'Toyal Packaging Industries'. It will manufacture foil packaging solutions such as laminates for pharma industry.

The partners also plan to set up units in and abroad to cater to clients in the pharma and packaging industry.

"This partnership will help us serve our customers better and provide in as well as and beverage industry," told reporters here.

Delhi-based Svam caters to various leading companies in the country and also exports its its packaging solutions to clients in Europe, South America, and South East Asian countries.

With the three plants, the company has a capacity to manufacture 10,000 tonnes of cold form foils annually.

Toyo 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, and

"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," said.

The company will focus on in India, while a R&D centre will come up in to develop new products.

The Japanese firm will bring in advanced technology in the packaging sector and also focus on to control the problem of spurious drugs.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, July 09 2018. 16:00 IST