33.4 per cent stake in the capital-based pharma packaging firm Svam has been taken over by Japanese packaging giant Toyo Aluminium K.K. for an undisclosed amount. As agreed in the joint venture, Svam Packaging will now be known as Svam Toyal Packaging Industries.
This partnership is expected to bring in advanced technology to tackle the menace of spurious drugs by manufacturing aluminium foil packaging solutions such as laminates for the pharma industry.
Svam Packaging Industries Managing Director Satish Ailawadi said, “This partnership will help us serve our customers better and provide safer packaging products in healthcare as well as food and beverage industry.”
The partners also plan to set up manufacturing units in India and abroad to cater to clients in the pharma and food packaging industry.
Currently, Delhi-based Svam Packaging Industry caters to various leading pharmaceutical companies in India and exports packaging solutions to clients in Europe, South America, Middle East, and South East Asian countries. It has three plants – two in Sonepat and one in Siliguri. The Research and Development, after the joint venture, will be based out in Japan.
Toyo Aluminium, on the other hand, is the leading aluminium packaging company in Japan, with a turnover of approximately US$ 1 billion. Besides having a strong presence in the US, Europe, and China, Toyo Aluminium looks forward to the growing market in India.
Thus, the company’s President Hiroshi Yamamoto said, "India is a growing market with requirement of innovative products. We want to invest in India's remarkable growth story and ensure product safety through offering our innovative technology in the packaging domain."
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