Finland-based food and drink packaging specialist Huhtamaki has acquired a 51% stake in Indian paper cup manufacturer Val Pack Solutions (Valpack).

The €2m acquisition has allowed Huhtamaki to enter the growing foodservice packaging market in India.

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Valpack currently records net annual sales of around €4m and employs nearly 100 people in its manufacturing base in Mumbai, India.

“Many of our global and regional customers have plans to grow in India.”

After the acquisition, the company has become part of Huhtamaki’s foodservice Europe-Asia-Oceania business segment.

Huhtamaki Europe-Asia-Oceania foodservice executive vice-president Eric Le Lay said: “Many of our global and regional customers have plans to grow in India.

“With Valpack, a well-established company with high manufacturing standards, we’re able to serve them locally.

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“We also look forward to growing the business further by investing in additional capacity and introducing an extended offering of foodservice packaging to the Indian market.”

Huhtamaki currently has 73 manufacturing sites and 23 sales offices in 34 countries worldwide. It generated net sales of €2.7bn in total in 2015.

Last month, the company unveiled plans to enhance the competitiveness of its foodservice business in Asia and Oceania.

The initiative involves the operations of Huhtamaki’s Europe-Asia-Oceania segment in China and New Zealand, which have had an unfavourable effect on its earnings last year and in early 2016.

The company has decided to consolidate its foodservice packaging manufacturing operations in South China into one modern unit.

Production will be focused on a defined core foodservice packaging product range, and outsourcing capabilities will be improved to continue serving foodservice packaging customers.

The new plan is expected to have an impact on around 350 employees.