Constantia Flexibles, a leading producer of flexible packaging worldwide, has signed a joint venture agreement for its Indian business and operations with Premji Invest and SB Packagings. The combination will help Constantia Flexibles achieve its ambition to grow further and create value in the Indian market.
“SB Packagings is known in the Indian packaging industry for its focus on sustainability and innovation. We are delighted to enter into this joint venture with Constantia and look forward to continuing to develop our businesses together. The JV gives SBP Group a pan-India presence across 10 manufacturing locations,” said Amit Banga, managing director of SB Packagings.
OP Banga, founder of SB Packagings, added that the JV with Constantia is a momentous milestone in the journey of SB Packagings and evinced optimism that the joint venture will scale new heights.
“I am very pleased to partner with SB Packagings and Premji Invest,” says Pim Vervaat, CEO of Constantia Flexibles. “I have the greatest respect for SB Packagings’ achievements and look forward to the joint venture, supported by Premji Invest, to grow the combined business profitably.”
The JV is pursuing organic as well as inorganic growth in higher-added-value market segments in India, continuing its strong growth trajectory in the hygiene segment whilst further developing the more sustainable mono-material EcoLam product range.
With the new partners, Constantia Flexibles is able to strengthen its business in the region and various market segments. As SB Packagings is a leading player in the hygiene segment, the new partnership will help extend Constantia Flexibles’ portfolio. It will bring together mono-material capabilities of both Constantia Flexibles India and SB Packagings and offer medium to high-barrier packaging solutions to food and hygiene markets.
The closing of the joint venture agreement is expected to be completed by the end of March, pending regulatory approvals. KPMG India acted as the exclusive financial advisor to Constantia Flexibles for the transaction.