Guala Closures Group, one of the world leaders in the production of packaging material, has signed a definitive agreement to acquire Karnataka-based Axiom Propack Pvt. Ltd for an undisclosed sum, the company said in a statement.
The deal under which Guala Closures will take full control of Axiom Propack, is slated to close within three months, subject to necessary approvals.
The acquisition is expected to help the multinational firm fortify its position in the Indian market, the statement said.
Belur-based Axiom Propack mainly caters to the IMFL market.
“With this acquisition we aim to reinforce our position in the area and to increase our capacity in order to properly answer to the growing demand of protection against products counterfeiting,” said Marco Giovannini, chairman and chief executive of Guala Closures Group.