Ispahani Group, a Bangladeshi conglomerate, has teamed up with packaging company Tampaco Group to expand its packaging business, the Financial Express reported.

As part of this partnership, Ispahani has acquired a minority stake in Tampaco Foils, a subsidiary of Tampaco Group.

The agreement was signed by the companies at the head office of Bangladesh’s merchant bank UCB Investment in Dhaka, the country’s capital.

Details regarding the exact percentage of stake purchased and the equity investment made by Ispahani have not been disclosed by either company.

Ispahani chair Mirza Salman Ispahani was quoted by the publication as saying: “Tampaco Foils boasts a distinct presence, goodwill, and advanced technology in Bangladesh’s growing packaging industry.

“We are committed to supporting Tampaco to develop world-class sustainable packaging solutions.”

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Ispahani is headquartered in Chittagong and operates in a wide variety of sectors such as textiles, property, poultry, and shipping.

Tampaco Foils meanwhile, is considered one of the leading flexible and tobacco packaging companies in Bangladesh.

The strategic partnership is expected to help improve corporate governance, build value, and drive growth within the country’s packaging sector.

Tampaco Group managing director and Bangladesh Flexible Packaging Industries Association president Safius Sami Alamgir was quoted as saying: “Ispahani brings invaluable market experience, financial resources, and extensive business expertise to Bangladesh’s rapidly growing packaging industry.

“This partnership not only provides us with the means to enhance our expansion and investment initiatives in the packaging sector but also opens doors to growth in related industries.”