Constantia Parikh, a joint venture between Austrian packaging firm Constantia Flexibles and India-based Parikh Packaging, is contemplating acquisitions in India.
The news follows the Rs500m ($8.02m) expansion at the company's plant in Moraiya, India, which increased its capacity from 1,100t per month to 1,600t per month.
The company is looking to expand in India due to growth potential in the country's packaging market. Currently only 5% to 6% of food products in the region are packaged, reports Business Standard citing Parikh Packaging.
Constantia Parikh, which offers packaging solutions to Pepsico, Marico, Britannia, Dabur, Unilever and Parle, among others, may also acquire local companies in the future.
It has had a steady growth rate of around 26% over the past few years and has generated approximately Rs2.35bn ($37.7m) in annual sales during the last fiscal year, according to Business Standard.
Around 70% of the company's revenues are generated from the food segment.
Parikh Packaging director Pavan Parikh anticipates that demand for exports of generic drugs from India, with the patent expiry in regulated markets, will boost the pharmaceutical packaging segment.
French investment firm Wendel has also acquired a majority stake in Constantia Flexibles for $2.8bn and intends to focus on emerging markets, especially India.
Image: The company is looking to expand in India. Photo: courtesy of Mister GC / freedigitalphotos.