India-based Ansa Folding Carton (AFC) has expanded its operations by acquiring a strategic stake in paper packaging material producer Rich Printers.
The deal, valued at Rs1.17bn ($14.04m), positions the combined entity as the largest pharmaceutical folding carton producer in India, with a total of five paper conversion manufacturing plants.
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With a network of three advanced manufacturing facilities, Rich Printers is a producer of folding cartons for the pharmaceutical industry.
The new entity expects to have a paper conversion capacity of 40,000 tons (t) for next year, with plans to double its size in the forthcoming years.
It is set to operate nine facilities across key Indian states, including Gujarat, Maharashtra, Himachal Pradesh, Sikkim, and West Bengal.
In a joint statement, Rich Printers directors Tushar Shah and Nayan Shah said: “Rich Group is excited to join hands with the Ansapack family. We at Rich have had a heritage of serving our customers in the folding carton manufacturing space and see parallels with AFC who have had a similar longstanding reputation.
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By GlobalData“AFC’s deep understanding of the domestic market, their vision of sustainable growth, and other complimentary business verticals in the pharma packaging space within the group, make them the clear choice for partnering.”
