Gerresheimer AG, a German supplier of pharma and healthcare products has acquired 70% stake in the Indian bottles maker Neutral Glass & Allied Industries Pvt Ltd for an undisclosed sum. Post acquisition, the promoters of Neutral Glass will retain 30% of the holding in the company, an official statement informed. Neutral Glass is based in Mumbai and has a moulded glass plant in Kosamba in Gujarat. The plant produces about 800M bottles annually for type I &III pharmaceutical applications, like amber and flint vials and bottles for liquid oral medications and infusions, as well as injection bottles. According to a statement issued by Gerresheimer, for the financial year 2010-11, Neutral Glass revenues stood at approximately Rs 100 crore (around EUR 15M). Gaining a modern production platform in India is strategically significant for Gerresheimers global expansion. The company already has five plants in South America, seven in China and representative offices in Moscow and Mumbai, presenting it with a strong presence in Emerging Markets with very dynamic pharma sectors. "We are investing in India at a time when its pharma sector is gaining international significance on the back of sustained high growth rates. This acquisition significantly broadens our production facilities, customer base and our distribution capabilities there. We look forward to sharing our expertise and technology," said Uwe Roehrhoff, CEO of Gerresheimer. Gerresheimer's declared objective is to double revenues in emerging markets from EUR 100M in 2010 to EUR 200M in 2013.
