Borosil acquires 60% share in Klasspack

Borosil Glass Works has acquired 60.3 per cent shares in Nashik-based glass packaging firm Klasspack. The terms of the deal were not disclosed.

Borosil acquired the majority stake on July 29, 2016 mainly by way of fund infusion and smaller secondary purchase of shares. The move will help the firm to tap the primary glass packaging market of pharma majors, a company statement said.
Borosil MD Shreevar Kheruka said: “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.”
Klasspack MD Prashant Ami said: “Klasspack will benefit enormously 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.”
Borosil is the market leader for laboratory glassware and microwavable kitchenware in India.
Klasspack is a manufacturer of glass ampoules and tubular glass vials used as primary packaging materials by pharma companies. It has a manufacturing facilities in Nashik, Maharashtra.