Tokyo – February 2, 2022 –Toppan (TYO: 7911), a global leader in communication, security, packaging, décor materials, and electronics solutions, has increased its stake to acquire a majority shareholding in Max Speciality Films Limited (MSFL), a leading Indian manufacturer of biaxially-oriented polypropylene (BOPP) films. Headquartered in Punjab, MSFL has been an equity method associate of Toppan since 2017, when Toppan acquired a 49% stake. Effective yesterday, February 1, it has now become a consolidated subsidiary. In addition to enabling Toppan to make a full-scale entry into the BOPP film business in India, the investment will support efforts to expand the company’s network for supplying mono-materials to diverse customers in global markets, contributing to the creation of a sustainable society.