Borosil Glass buys 60% share in glass packaging firm Klasspack
Borosil Glass Works has acquired 60.3% shares in glass packaging firm Klasspack for an undisclosed amount.
In India Borosil Glass Works is the leading company for laboratory glassware and microwavable kitchenware.
On 29th July, 2016 Borosil Glass acquired majority stake. According to Borosil Glass Works statement, majority of funds were by way of primary infusion into the company, there was also smaller secondary purchase of shares.
MD of Borosil Glass, Shreevar Kheruka said that, “Borosil Glass Works's investment will help Nasik-based Klasspack to ramp up facilities and production to provide our current pharmaceutical customers a high quality choice for sourcing their pharmaceutical packaging requirements”.
MD of Klasspack, Prashant Ami said that, “Our company (Klasspack) will specially benefit from Borosil Glass's brand euity and market reach, While Borosil Glass will be able to leverage Klasspack's production set-up and product development capability to spread offering and augment their product portfolio”.
Klasspack is a glass ampoules manufacturing company and Klasspack has a manufacturing facalities in Nashik, Maharastra.
More about Borosil Glass Works:
Borosil Glass Works Limited is a glassware company based in Gujarta, India. Borosil Glass Works is one of the largest glassware producing companies in India.