India-based Borosil Glass Works has bought a 60.3% stake in Klasspack for an undisclosed sum, marking its entry into the pharma glass packaging business.
Based in Nashik, India, Klasspack is a manufacturer of glass ampoule and tubular glass vials, which are used as primary packaging materials by pharmaceutical companies.
Following the acquisition, Borosil plans to merge its technological expertise in specialty glass production with Klasspack's experience in glass ampoule and vial production.
Borosil Glass Works managing director 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.
"Borosil already enjoys a high brand equity and quality reputation in the pharmaceutical industry, and we are confident that our existing customers will substantially benefit from this transaction."
Indian investment bank Avendus served as Borosil's advisor during the transaction.
Borosil has supplied glass for more than 2,000 different products, including microbiology, biotechnology, photo printing and lighting applications.
Klasspack managing director Prashant Amin said: "Klasspack will enormously benefit 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.”