Major flexible packaging industry leaders Constantia Flexibles and Premji Invest-backed9 SB Packagings have formed a joint venture (JV) to create a strong foothold in the Indian and South Asian markets.
Dubbed SB-Constantia Flexibles, the new JV is claimed to be one of the largest sustainable packaging platforms across the two regions.
The JV will integrate the monomaterial capabilities of both Constantia Flexibles India and SB Packagings and will supply medium to high-barrier packaging solutions for the food and hygiene markets.
It will operate a network of nine plants across India and employ close to 2,700 people.
Constantia Flexibles 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.”
SB-Constantia Flexibles was created after receiving regulatory approval from the state-run Competition Commission of India.
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Major shareholders in the JV include private equity and venture capital company Premji Invest.
The platform will focus on both organic and inorganic growth opportunities in higher value-added market segments.
It will also continue the development of the sustainable monomaterial EcoLam and its affiliated product range.
Deepak Ganjoo has been appointed as CEO of the JV.
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.”
KPMG served Constantia Flexibles as its exclusive financial advisor in relation to the transaction.