Business

Alcan Packaging has expanded its presence in the pharmaceuticals market by acquiring the Chakan flexible packaging plant from India's Associated Capsules Private Limited.

The Indian market for pharmaceuticals is expected to triple in size in the next decade, Alcan said, describing the acquisition as an "excellent addition to our organisation".

"Chakan is a well equipped plant with dynamic people and an asset base that will definitely complement our current product portfolio," said Michael Schmitt, president of Alcan Global Pharmaceutical Packaging.

The 2,600sqm plant employs around 100 staff generating annual sales of $3.6m (£2.05m).

Ilene Gordon, president and chief executive of Alcan Packaging, said: "This acquisition advances our position in pharmaceutical flexibles through growth in emerging markets."

Alcan Packaging is headquartered in Paris and has 130 production facilities in 31 countries. Last year it's total revenue was $6.2bn.

The rumour mill surrounding a possible sale of Alcan's packaging division has been rife since mining firm Rio Tinto purchased the aluminium giant last year.