NewsVoir

Mumbai (Maharashtra) [India], November 16: In a move that underscores the spirit of collaboration and the pursuit of innovation, two industry leaders, Velvin Group - a leading manufacturer of Paper based sustainable packaging solutions company in India and Rengo Co., Ltd., Japan have officially announced their strategic joint venture. This landmark partnership promises to level up the landscape of Corrugation Industry in India, while opening up new avenues for growth and success.

Also Read | Kane Williamson Admitted 'It Was a Good Surface' After Used-Pitch Controversy in IND vs NZ ICC Cricket World Cup 2023.

"Rengo, a global leader in paper and corrugated box manufacturing, and Velvin, with a profound understanding of the domestic market, are poised to create powerful synergies through their collaboration," as articulated by Vincent Mathias, Managing Director of Velvin Group.

The decision to join forces in a joint venture for the upcoming Corrugation Unit in Cheyyar, Tamil Nadu comes after considering the potential benefits and synergies that could be harnessed by working together. Due to Rengo's 30% equity participation, the company will change its name from 'Velvin Containers Pvt. Ltd.' to 'Velvin Rengo Containers Private Limited'.

Also Read | Japan: Cop Injured After Car Crashes Into Barricade Near Israeli Embassy in Tokyo, Driver Arrested.

Rengo Co., Ltd. was founded in 1909 and is headquartered in Osaka, Japan. The Company together with its subsidiaries, manufactures and sells paperboard, Corrugated Boxes, Folding Cartons and Flexible Packaging in Japan and in other parts of the world. Rengo today operated 198 plants across 29 locations in Asia, Europe and North America.

One of the primary objectives of this joint venture is set to significantly enhance the market reach of both companies. By combining their distribution networks, Velvin Group and Rengo Group aim to make their packaging solutions more accessible to a global audience. This strategic partnership is aimed to spark ground-breaking research and development initiatives, leading to the creation of cutting-edge sustainable packaging solutions that will meet the evolving demands of the market.

To know more please visit: vel-vin.com.

(ADVERTORIAL DISCLAIMER: The above press release has been provided by NewsVoir. ANI will not be responsible in any way for the content of the same)

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)