Flexible packaging company Constantia Flexibles and SB Packagings, backed by Premji Invest, have formed a new joint venture (JV), SB-Constantia Flexibles, for Indian and South Asian markets.
SB-Constantia Flexibles is now said to be the largest sustainable packaging platform in India and South Asia.
The JV, approved by the Competition Commission of India, is expected to leverage each company’s strengths and resources to expand in the Indian market.
SB-Constantia Flexibles will offer medium to high-barrier packaging solutions in the food and hygiene markets. It will run nine plants across India and will employ around 2,700 people.
Constantia Flexibles global CEO Pim Vervaat said: “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.”
The sustainable packaging platform will focus on both organic and inorganic growth opportunities in higher value-added market segments. It will combine the mono-material capabilities of both Constantia Flexibles India and SB Packagings.
According to Constantia Flexibles, the JV is expected to continue its growth in the hygiene, food, and HPC segment. It will also further develop the sustainable mono-material EcoLam product range.
SB Packagings managing director Amit Banga said: “The joint venture positions us as a clear leader to drive the sustainable packaging agenda in India and beyond with a unique product offering.”
Deepak Ganjoo has been announced as the CEO of the JV to spearhead the organisation.
The new JV is anticipated to provide sustainable solutions to customers in India and South Asia under the guidance and mentorship of the Board of Directors which includes Pim Vervaat, Amit Banga and Rajesh Ramaiah from Premji Invest.
In April this year, Constantia Flexibles acquired Hungary-based flexible packaging producer Lászlópack for an undisclosed sum to expand its European flexo printing platform.
