Tecnocap announces Indian JV Tecnocap Oriental
Italy-headquartered Tecnocap, a global player of metal packaging, has announced its entry into India with a joint venture called Tecnocap Oriental. The company recently signed an agreement towards this with the Indian packaging producer Oricon Enterprise.
Tecnocap develops and manufactures functional, attractive and reliable metal closures, aluminium aerosol cans and bottles, enabling worldwide customers to build their brands, to protect the integrity of their products and guarantee the safety of consumers.
According to the agreement, the two partner companies have set up the Tecnocap Oriental based in Mumbai.
Tecnocap will have the control of 75% of the share capital through the acquisition of the metal lug business of the Indian partner Oricon, which will hold the remaining 25% of the company.
“This joint venture marks our full entry into the Indian and Far Eastern markets and represents a key stage in our international growth strategy, achieved through business diversification and expansion towards high growth markets,” Michelangelo Morlicchio chief executive, shareholder and founder of Tecnocap said.
“Beyond seizing the great opportunities for market growth, this alliance gives us the chance to exploit mutual synergies to operate successfully thanks to the highest quality products, services and logistics,” he added.