Rengo Co., Ltd. announces that it has acquired 30% of the shares in Velvin Containers Private Limited, a corrugated packaging manufacturer in India. Due to Rengo's equity participation, the company will change its name to Velvin Rengo Containers Private Limited.
The company is part of Velvin Group, which manufactures and sells corrugated packaging, paper bags, paper cups, etc. in Mumbai, Goa, and Pune in western India, and was established near Chennai in Tamil Nadu to expand business in southern India. The company is currently constructing a corrugated plant with the aim of starting partial operations in March 2024.
India now has the world's largest population as of 2023 and is actively promoting its manufacturing industry, so demand for the corrugated packaging market is expected to grow significantly. Rengo's equity participation in the company will produce synergies with Rengo Group companies in Japan and overseas and further enhance Rengo's global strategy.