Constantia Flexibles Group headquartered in Vienna, Austria, has signed an agreement to acquire 60% stake in Ahmedabad-based Parikh Packaging. The company caters to flexible packaging for pharmaceutical and food sectors and has clients in India, UK, US, South African, African Continent, Middle East and the Far East, Sri Lanka, Canada, New Zeland, UAE, Egypt, Yeman, Nigeria and Kenya.
“This acquisition will help Constantia operate in a highly attractive growth market. India has an ever increasing middle class with growing demand for packaged food and health care products, which we want to address with top quality products and services. We also want to support the growth of our international key accounts in this market. The acquisition is part of the international growth strategy of Constantia Flexibles and constitutes another important step for further growth and expansion in Asia,” said by a top official of Constantia Flexibles.
Both the firms declined to comment on the financial transaction, the remaining 40% stake remains with Parikh Packaging.
Parikh Packaging is a flagship company of 70 years old Parikh Group. It was initially into the trading business followed by manufacturing and marketing of branded utensils under the roof of the first Indian most popular brand Bhartilium.