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(Yicai Global) May 23 -- A unit under Guangzhou Tech-Long Packaging Machinery Co. plans to set up a joint venture making packaging machinery in India as it looks to enhance its brand across South Asia.
Guangzhou Tech-Long Packaging Machinery Industrial Co. and M/s Sure Capital Co., an investment firm from Dubai, will set up the new company in Ahmedabad, Gujarat state, the Tech-Long parent said in a statement yesterday.
The drinks packaging maker hopes to optimize its overseas structure and increase profitability by capturing a larger share of the market in India and surrounding countries, it said, adding that the firm will chip in USD3 million of its own money to take a 60-percent share of the firm.
The statement did not give further details of the joint venture's plans.
Editor: James Boynton