Borosil Glass buys 60% stake in Nashik-based Klasspack; stock soars over 8% in a dull market

New Delhi: Borosil Glass Works has acquired 60.3 percent shares in Nashik-based Klasspack, a glass packaging firm, for an undisclosed amount.[caption id="attachment_2771550" align="alignleft" width="380"] Reuters[/caption]Borosil Glass Works is the market leader for laboratory glassware and microwavable kitchenware in India.It acquired the majority stake on 29 July, 2016 mainly by way of fund infusion and smaller secondary purchase of shares. The move would help the firm to tap the primary glass packaging market of pharma majors, a company statement said.Borosil MD Shreevar Kheruka said: "Our investment will help Klasspack to ramp up facilities and production to give our current pharmaceutical customers a high quality choice for sourcing their pharmaceutical packaging needs."Klasspack MD Prashant Ami said: "Klasspack will enormously benefit from Borosil's brand equity and market reach, while Borosil will be able to leverage Klasspack's manufacturing set-up and product development capability to expand offerings and augment their product portfolio."Klasspack is a manufacturer of glass ampoules and tubular glass vials used as primary packaging materials by pharma companies. It has a manufacturing facilities in Nashik, Maharashtra.Shrugging off the weak broad market sentiment, Borosil Glass shares shot up over 8 percent to trade at Rs 4,398.90 on BSE.