Borosil enters Primary Pharma Glass Packaging Business
Acquires Controlling interest in Nashik Based Klasspack Pvt. Ltd.
Monday, August 1, 2016: Borosil Glass Works Ltd (Borosil) has announced the acquisition of 60.3% shares in Klasspack Pvt. Ltd. on 29 July 2016 for an undisclosed amount. 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.
Avendus, one of India's leading investment banks, advised Borosil on the transaction.
BOROSIL®, a global brand synonymous with high quality glassware, is the market leader for laboratory glassware for India's leading Pharmaceutical companies, Research Laboratories, Healthcare, Science and Educational institutes. Klasspack, a closely held company with manufacturing facilities in Nashik, Maharashtra, is a leading manufacturer of Glass Ampoules and Tubular Glass Vials used as primary packaging materials by pharmaceutical companies.
With compliance becoming increasingly stringent in the Indian pharmaceutical sector, Borosil plans to combine its technological expertise in specialty glass production with Klasspack's experience in world-class glass ampoule and tubular glass vial production to offer pharma majors a reliable partner to source their primary glass packaging.
Mr. Shreevar Kheruka, MD, Borosil said "With this acquisition, Borosil wishes to further its vision of being India's most customer centric company. 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".
Mr. Prashant Amin, MD, Klasspack said "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".
Borosil glass has found use in over 2000 different products and applications, in areas as diverse as Microbiology, Biotechnology, Photo Printing, Process Systems and Lighting. It is a testament to the credibility of the BOROSIL® brand that in order to get ISO 9001 certification, it is recommended that a laboratory use BOROSIL® certified A-class glassware. The Borosil brand embodies over 50 years of dependability and durability. Continuous innovation, coupled with a keen understanding of consumer needs, makes Borosil the leading speciality glassware company in India.
For further details, kindly contact:
VARSHA TALREJA: +91 98211 95211 / ANIRUDH RAJAN: +91 98923 43828
Paradigm Shift PR, Mumbai
022-22813797 / 98
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