BusinessWire IndiaBangalore (Karnataka)/ New Delhi [India], May 31: Constantia Flexibles, Premji Invest and Amit Banga, Managing Director of SB Packagings, have finalized the joint venture to create one of the largest sustainable packaging platforms in India and South Asia, following the regulatory approval from Competition Commission of India. The joint venture (SB-Constantia Flexibles), between two flexible packaging industry leaders and Premji Invest as shareholders, will leverage each company's unique strengths and resources to achieve greater success in the Indian market. "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," said Pim Vervaat, Global CEO, Constantia Flexibles. "The joint venture positions us as a clear leader to drive the sustainable packaging agenda in India and beyond with a unique product offering," noted Amit Banga, Managing Director, SB Packagings. O.P. Banga, Founder of SB Packagings conveyed his best wishes for the joint venture. Strong synergy potential with a focus on sustainability SB-Constantia Flexibles will operate in the food and hygiene markets, offering medium to high-barrier packaging solutions. It will have close to 2,700 employees across nine plants spread across the country. Deepak Ganjoo, ex-President of AMESA (India, Middle East and Africa) region, Essel Propack Limited has been appointed as the CEO of the joint venture and will spearhead the business. Deepak and the management team will focus on delivering sustainable and innovative solutions to customers in India and South Asia under the guidance and mentorship of the Board of Directors. Pim Vervaat, Amit Banga and Rajesh Ramaiah from Premji Invest, the key shareholder representatives on the Board will focus on driving the strategic imperatives and inorganic growth of the JV. The JV will pursue organic and inorganic growth opportunities in higher value-added market segments, continuing its strong growth trajectory in the hygiene, food and HPC segment even as it further develops the sustainable mono-material EcoLam product range. It will bring together the mono-material capabilities of both Constantia Flexibles India and SB Packagings and offer medium to high-barrier packaging solutions to food and hygiene markets. KPMG in India acted as exclusive financial advisor to Constantia Flexibles for the transaction.
(Disclaimer: The above press release has been provided by BusinessWire India. ANI will not be responsible in any way for the content of the same)