Mumbai based Delta Thermo formers and China based Zhejiang Xinyuanfang Plastic Co. have formed a joint venture company to manufacture and supply various types of plastic packaging. Thermo formed, vacuum formed blister packaging, PVC products such as rigid films, jumbo rolls and various type of products for packaging and similar applications with be manufactured by the joint venture.The objective of the joint venture is to establish a leadership position with revenues of US$ 100 million (approximately Rs.650 crore) by offering a wide range of products. Using high technology equipment to be brought in by Zhejiang the joint venture will manufacture from the existing plant of Delta Thermo formers, in the industrial hub of Vasai just outside Mumbai. The joint venture deal was structured by Alcor Mergers and Acquisitions.
While speaking to the media Mohammed Arif, director of Delta Thermoformers said, “This joint-venture will bring in a range of international customers to Delta to support Zhejiang’s emergence as a global leader. The joint venture company plans to achieve its revenue target by delivering a range of existing and new products to customers in India, China and the rest of the world.With the joint venture in place we are all set to serve the ever growing packaging demand for food, pharmaceutical and other industrial customers. The joint-venture will give Delta an edge over its competitors and help to capture a large market share over the next 5 to 7 years.”
Huang Yuan Fang, the president of Zhejiang Hejiang Xinyuanfang Plastic stated, “I look forward to have a hand-some growth from the venture in India to address South Asian customers and also plan to address the high quality requirements of global companies. In order to get market leadership in Asia,Zhejiang which is already a leader in China, entered into a joint venture with Delta Thermoformers to capture the massive opportunity to grow together.”