May 7, 2012 -- Pursuant to the resolution passed at a meeting of the board of directors held on April 27, 2012, Oji Paper Co., Ltd. ("Oji Paper") is pleased to announce that it has reached decision to incorporate a wholly owned subsidiary in India, in order to accelerate investigation and preparation to explore our corrugated container business in India.
Implementation of the investment and the business is to be announced subject to further complete approvals by another meeting of the board of directors regarding the detailed business plans, including capex and financial plans.
[Purpose of Incorporation]
As already announced, Oji Paper has been taking actions to accelerate business expansion in emerging markets as a measure of business portfolio transition. As one of such actions, Oji Paper has been investigating opportunities to explore our corrugated container business in India, where demands for increasing volume and higher quality of corrugated containers are forecasted. Incorporation of a wholly subsidiary in India has been decided in advance to the final decisions of the detailed business plan and its implementation, so that we can progress the land arrangement process to build a new plant.
[Overview of New Subsidiary]
1) Company Name: Oji India Packaging Private Limited (planned)
2) Main Business: Manufacturing and Sales of Corrugated Container Products (sheet and case)
3) Headquarters: Gurgaon, Haryana State in India (Production site is planned in Neemrana, Rajastan State)
4) Incorporation: June, 2012 (planned)
5) Shareholder: Oji Paper Co., Ltd. 100%
6) Authorized Share Capital: Rs. 1,200,000,000
* Details of business plan and implementation will be announced, subject to further decisions at relevant meetings and procedures.
For more information, please visit http://www.ojipaper.co.jp/english/news/2012/release_20120507.html
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