Premji Invest-supported JV will pursue organic-inorganic growth opportunities
Vienna-headquartered Constantia Flexibles have finalized the joint venture to create one of the largest sustainable packaging platforms in India and South Asia, following the regulatory approval from Competition Commission of India.
The joint venture, SB-Constantia Flexibles, will leverage each company’s unique strengths and resources to achieve greater success in the Indian market, said the company, which is partnering and India’s Premji Invest and Amit Banga, Managing Director of SB Packagings.
“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.
“The joint venture positions us as a clear leader to drive the sustainable packaging agenda in India and beyond with a unique product offering,” noted Amit Banga, Managing Director, SB Packagings.
O.P. Banga, Founder of SB Packagings conveyed his best wishes for the joint venture.
SB-Constantia Flexibles 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.
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.
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.
Constantia Flexibles is the world’s third largest producer of flexible packaging with 8,700 employees manufacture tailor-made packaging solutions at 37 sites in 17 countries.
SB Packagings, founded in 1989, has been at the forefront of manufacturing mono-polymer sustainable packaging much ahead of its peers.
Premji Invest’s (PI) investments primarily support the philanthropic initiatives of the Azim Premji Foundation, a not-for-profit organisation that seeks to help improve the lives of the underserved and underprivileged in society. fiinews.com
