B2B expansion to South Korea takes shape as Cosmo First partners with Filmax on multi-vertical global play

With a 50:50 equity structure, the new entity combines Cosmo First’s product innovation and global reach with Filmax Corporation’s local strength to scale operations in South Korea and beyond

Cosmo First Limited, a diversified Indian conglomerate with businesses spanning specialty films, chemicals, rigid packaging and petcare, has announced a new joint venture with South Korea’s Filmax Corporation. The move marks Cosmo First’s strategic entry into the South Korean market and enables both companies to scale their respective product verticals globally. The agreement sets up a 50:50 equity partnership between the two firms.
The new entity will combine Cosmo First’s global innovation and manufacturing capabilities with Filmax’s deep-rooted brand trust and market access in South Korea. This equal partnership is positioned to deliver cross-border growth for products including specialty consumer films, high-performance chemical solutions and rigid packaging. Cosmo First brings with it decades of expertise in film technology and an established global footprint across India, Europe, North America and Africa.

Filmax Corporation, based in Seoul, is known for its expertise in films and chemicals with a strong local distribution and industrial client base. The partnership allows Filmax to bring its products to new markets via Cosmo First’s global channels, while simultaneously supporting Cosmo First’s market entry and localisation in South Korea.
The collaboration focuses on innovation for industries such as personal care, food packaging, electronics, and pharma manufacturing. Both companies aim to introduce solutions aligned with growing demand for high-performance and sustainable materials. From chemical intermediates to flexible films and rigid packaging, the partnership is expected to build a comprehensive B2B offering supported by strong research and development.

Speaking on the occasion, Mr Ashok Jaipuria, Chairman and Managing Director of Cosmo First Limited, said, “This collaboration marks an exciting new chapter for Cosmo First. By joining hands with Filmax Corporation, we merge global innovation with South Korean excellence. Together, we are confident of achieving ambitious growth, delivering superior value to customers across the globe and setting new standards in specialty film solutions.”
Echoing that view, Mr Byung Ik Woo, Chairman of Filmax Corporation, said, “Our partnership with Cosmo First is a major step toward not only reinforcing our leadership position in the region but also taking our expertise to the global stage. By combining Cosmo First’s proficiency in innovative specialty films and chemicals with our robust market presence in South Korea, we aim to set new industry benchmarks. We look forward to driving this impactful and value-driven association.”

South Korea is seen as a strategic gateway for Indian companies expanding into East Asia, and Filmax’s market knowledge will support regulatory approvals, product adaptation and commercial alignment with Korean industries. As a member of the OECD and WTO and one of the most innovation-led economies in Asia, South Korea offers an ideal launchpad for expansion in sectors that require quality control, speed-to-market, and consumer trust.
The Cosmo–Filmax joint venture also intends to invest in new production capabilities and R&D partnerships. Both companies plan to collaborate with academic institutions and innovation clusters to develop future-ready solutions for evolving global regulations around sustainability, recyclability, and packaging performance. The venture is expected to serve regional markets with product development tailored to local needs, alongside global-grade specifications.

Cosmo First has recently broadened its focus to include advanced chemical intermediates, rigid plastics, and consumer-facing products. Filmax’s established B2B clientele in South Korea is expected to accelerate the reach of these newer verticals. Meanwhile, Filmax gains a wider export platform by leveraging Cosmo First’s reach across Europe and North America.
The joint venture is expected to begin commercial operations in early 2026, pending regulatory approvals. Leadership appointments and board formation for the new entity will be finalised and announced in the coming months. Both parties have reiterated their commitment to transparent governance and long-term investment in people, infrastructure, and sustainability.
This joint venture comes at a time when Indian companies are seeking cross-border synergies to accelerate growth, with partnerships serving as catalysts for global innovation and shared development. With Cosmo First’s entry into South Korea through this equal-stake model, the JV signals the start of a long-term commitment to regional excellence and global delivery.

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