Borosil Glass Works has acquired 60.3 per cent stake in Nashik-based Klasspack Pvt Ltd for an undisclosed amount, marking its foray into primary pharma glass packaging business.

The acquisition had happened on July 29.

While a majority of the funds were by way of primary infusion into the company, there was a smaller secondary purchase of shares as well, Borosil said in a statement.

“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,” said Shreevar Kheruka, MD, Borosil.

Investment bank Avendus advised Borosil on the transaction.

Klasspack is a closely-held company with manufacturing facilities in Nashik, Maharashtra. It is also a leading manufacturer of glass ampoules and tubular glass vials that are primary used as packaging materials by pharmaceutical companies.

“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. We are very excited about this partnership and the enhanced value that will be created for end customers,” said Prashant Amin, MD, Klasspack.

Borosil is a market leader for laboratory glassware for India’s leading pharmaceutical and healthcare sectors.

Borosil plans to combine its technological expertise in speciality glass production with Klasspack’s experience in glass ampoule and tubular glass vial production.

rajesh.kurup@thehindu.co.in

Related Topics