As part of the partnership, Toppan will invest approximately Rs 200-crore, through a combination of primary and secondary share issuance, the company stated in a press release.
Sahil Vachani, managing director of Max Ventures and Industries (MaxVIL), the holding company of MSF, said, “Toppan’s industrial experience of over 100 years, their expansive global sales network, and cutting-edge technological capabilities make them an ideal partner for us at this juncture in MSF’s journey. I am confident the partnership will provide us the necessary global market access and technological support to drive long-term growth in new and existing markets.”
MSF has undertaken key expansion efforts in the past 12-18 months. The MSF Board last year approved an investment of INR 250 crore to set up its fifth BOPP line, which will help augment production capacity by a significant 60% to over 70,000 tons per annum. A substantial portion of the proceeds from this transaction will be utilised for MSF’s ongoing capacity expansion.
Shingo Kaneko, president and representative director of Toppan Printing, said, “We see enormous opportunity in India and in this business specifically. MSF has emerged as a front-runner in their unwavering commitment towards R&D and constantly innovating and upgrading technology to stay at the top of the leaderboard across a wide field of applications from labeling to flexible packaging. We are excited to partner them and help the business scale new heights.”
The new partnership is expected to strengthen the MaxVIL's speciality films business. Toppan, which is a large global buyer of BOPP products (MSF’s key offering), will also serve as a customer of MSF.