The Finnish packaging company Huhtamaki Group and Ajanta Packaging of India entered into an acquisition agreement to acquire the Indian private-label manufacturer of adhesive labels in India for 13 million euros.
The Buller Group stated in a statement on March 23 that the acquisition will strengthen the company’s labeling business in India, add new printing technologies, and increase its innovation capabilities.
Ajanta Packaging has annual sales of 10 million euros and currently employs 170 people. It has two manufacturing plants in Dammam in western India and Buddy in northern India.
The transaction is expected to be completed by the end of April.
Since then, the business of Ayurveda Packaging will become part of the soft packaging business of the company.
According to data released by Tata Strategic Management Group (TSMG) in 2016, India's packaging industry is expected to reach 60 billion euros by 2020.
The report also predicts that the annual growth rate of India's packaging industry will remain at 18%, while the annual growth rate of flexible packaging and hard packaging is expected to be 25% and 15%, respectively.