Packaging company Huhtamaki (Espoo / Finland; www.huhtamaki.com) has entered into an agreement to acquire the business and related assets of Ajanta Packaging (Mumbai, Maharashtra / India; www.ajantapackaging.com), a manufacturer of pressure sensitive labels. The purchase price is approximately EUR 13m and the deal is expected to close at the end of April 2018.

The transaction will give the Finnish company two additional plants in Daman in western India and Baddi, Himachal Pradesh, in northern India. Annual net sales of Ajanta Packaging are around EUR 10m and it has 170 employees. The acquisition will become part of Huhtamaki's Flexible Packaging business, and is to strengthen its labelling activities in India. Huhtamaki currently has 14 manufacturing units and four sales offices across India.