Acquires controlling interest in Nashik-based Klasspack
Borosil Glass Works (Borosil) has announced the acquisition of 60.3 per cent shares in Klasspack on July 29, 2016 for an undisclosed amount. Reportedly, 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 provides laboratory glassware for India’s leading pharma companies, research laboratories, healthcare, science and educational institutes. Klasspack is a manufacturer of glass ampoules and tubular glass vials used as primary packaging materials by pharma companies.
Shreevar Kheruka, Managing Director, 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”.
Prashant Amin, Managing Director, 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.”