In a move that underscores the spirit of collaboration and the pursuit of innovation, two industry leaders, the Velvin Group – a leading manufacturer of paper-based sustainable packaging solutions company in India and Rengo Co., Limited, Japan have officially announced a strategic joint venture. This partnership promises to level up the landscape of corrugation Industry in India, while opening up new avenues for growth and success.
“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,” says 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.’
Rengo was founded in 1909 and is headquartered in Osaka, Japan. The company and its subsidiaries manufactures and sells paperboard, corrugated boxes, folding cartons and flexible packaging in Japan and in other parts of the world. Rengo operates 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.