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The financial terms of the transaction were not disclosed. Credit: Rengo.

Paper and packaging products manufacturer Rengo has acquired a 30% interest in Indian corrugated packaging manufacturer Velvin Containers.

The financial terms of the transaction have not been disclosed.

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Velvin Containers, a part of Velvin Group, engages in manufacturing and selling corrugated packaging.

The company also manufactures and sells paper bags and paper cups, serving customers in Mumbai, Goa, and Pune, Western India.

Currently, the business is developing a corrugated plant near Chennai in the state of Tamil Nadu, which is expected to become partially operational in March 2024.

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Following the transaction, Velvin Containers will be renamed Velvin Rengo Containers Private Limited.

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Velvin Rengo Containers Private Limited representative Vincent Mathias said: “Rengo, a global leader in paper and corrugated box manufacturing, and Velvin, with a profound understanding of the domestic market, are poised to create powerful synergies through their collaboration.”

Headquartered in Osaka, Japan, Rengo specialises in manufacturing and selling paperboard, corrugated boxes, folding cartons, and flexible packaging in Japan and across the globe.

The company operates 198 plants across 29 locations in Asia, North America, and Europe.

Through this partnership, the companies will integrate their distribution network, making their respective packaging solutions accessible to more customers.

In addition, the partners aim to launch research and development initiatives, to develop sustainable packaging solutions to address the changing market demand.