Finland-based packaging company Huhtamaki has purchased Positive Packaging for $336m.
The deal, which is in line with Huhtamaki's growth strategy, improves the company's position in emerging markets.
Huhtamäki CEO Jukka Moisio said: "It further enhances our position in India and provides us with much improved access to the fast-growing markets of Africa and Middle East.
"Many of our global customers are investing heavily to grow in these markets and now we are even better resourced to help them grow."
Positive Packaging employs nearly 2,500 people and has nine manufacturing facilities in India and the UAE. It also has significant business in Africa and other export markets, and generates approximately €220m in net sales each year.
The company has now been consolidated into Huhtamaki's Flexible Packaging business segment.
Huhtamäki Flexible Packaging executive vice-president Shashank Sinha said: "Together with Positive Packaging, Huhtamaki will become a leading flexible packaging provider in the fast-growing, emerging markets.
"With the acquisition, we expand our flexible manufacturing into [the] Middle East and double our sales in Africa with an unmatched footprint."