Austria-based Greiner Packaging has formed a joint venture (JV) with India-based plastic packaging solution provider Century Ultrapack.

Known as Greiner Packaging India, the JV aims to provide the Austrian company’s offerings for Indian multinational customers.

During its first year, the JV plans to make investments to expand its production capacities using western technology.

Greiner Packaging owns a majority share in the joint venture, which has been established as part of the company’s medium-term strategy to grow beyond Europe.

Greiner Group chairman Axel Kühner said: “We see a very high development and growth potential in India, where food packaging is concerned.

“It is important for us to take a leading role early on in the region.

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“This expansion allows us to systematically pursue our globalisation strategy and gives us even more opportunities to respond to the wishes of customers from abroad.”

"This expansion allows us to systematically pursue our globalisation strategy."

The company provides plastic packaging in 19 countries worldwide.

Formed in 1980 and owned by Bajaj family, Century Ultrapack provides plastic packaging solutions for the Indian dairy industry.

The company has more than 130 employees and a portfolio of more than 250 different packaging products used mainly in milk and ice cream products.

In 2015, Greiner Packaging acquired a 51% stake in two Turkey-based rigid plastic companies, Teknik Plastik and Teknik IML, from the Özata Group.

Image: Century Ultrapack and Greiner Packaging officials. Photo: courtesy of Greiner Packaging.