New Delhi, July 2 -- Armed with a $400-500 million war chest, Finnish packaging major Huhtamaki Group's Indian subsidiary is looking to scoop up local assets in a bid to expand its product base and bulk up revenues, two people with knowledge of the development said.

This comes in the backdrop of a consolidation wave playing out in the packaging industry, with large companies such as Essel Propack, Manjushree as well as Huhtamaki looking to acquire assets in a bid to expand their product and geographical base, these people said.

"Companies such as Huhtamaki are in the market to scout for packaging companies that have scaled up and can be taken into fold," the first person cited above said on condition of anonymity.

The second person add...