Constantia Flexibles, SB Packagings form joint venture for India market
This joint venture will manufacture sustainable packaging products focused on the food and hygiene markets in India.
Constantia Flexibles, the world’s third largest producer of flexible packaging headquartered in Austria, has finalised its joint venture (JV) with Delhi-headquartered SB Packagings to manufacture sustainable packaging products for India and South Asia markets.
This joint venture has received an undisclosed amount of investment from Premji Invest, the family office of Wipro promoter Azim Premji.
The joint venture—SB-Constantia Flexibles—has received regulatory approval from the Competition Commission of India (CCI). It will operate in the food and hygiene markets, offering medium to high-barrier packaging solutions. It will have close to 2,700 employees across nine plants spread across the country.
“I have full confidence in the partnership's ability to be an effective solution provider to its customers in India through innovation and excellence. We will drive growth and profitability for all stakeholders,” said Pim Vervaat, Global CEO, Constantia Flexibles.
Century Plyboards bolsters manufacturing, tech to capitalise on strong anticipated demand
According to a statement, the JV will pursue organic and inorganic growth opportunities in higher value-added market segments, continuing its strong growth trajectory in the hygiene, food and HPC segment even as it further develops the sustainable mono-material EcoLam product range. It will bring together the mono-material capabilities of both Constantia Flexibles India and SB Packagings, and offer medium to high-barrier packaging solutions to food and hygiene markets.
“The joint venture positions us as a clear leader to drive the sustainable packaging agenda in India and beyond with a unique product offering,” said Amit Banga, Managing Director, SB Packagings.
Deepak Ganjoo, ex-President of AMESA (India, Middle East and Africa) region, Essel Propack Limited has been appointed as the CEO of the joint venture and will spearhead the business. Pim Vervaat, Amit Banga and Rajesh Ramaiah from Premji Invest—the key shareholder representatives on the Board—will focus on driving the strategic imperatives and inorganic growth of the JV.
Edited by Kanishk Singh