Constantia Flexibles (Vienna; www.cflex.com) said it has finalised an India-based joint venture with Premji Invest (Bangalore, Karnataka) and Amit Banga, a co-founder of SB Packagings (New Delhi; www.sbpackagings.com), first announced in early 2023.

Equity is equally divided among the three shareholders, a spokesperson for Constantia Flexible told Plasteurope.com. The company, called SB Constantia Flexibles, will cater to the Indian and South Asian markets.

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The joint venture, which has already been approved by the Competition Commission of India, is aiming for double-digit growth in the next few years.

The partners said the new company will focus on the food and hygiene sectors, offering medium to high-barrier packaging solutions, with close to 2,700 employees across nine plants in India, of which eight are being brought in by Constantia and one by SB.

SB is one of the leading flexible packaging companies in India, manufacturing mono-polymer sustainable packaging. With over 50% market share in its home country, it is by far the largest company manufacturing hygiene packaging for leading brands, both domestic and global.

The companies said in addition to medium to high-barrier packaging solutions for the food and hygiene sectors, the new JV will also make use of Constantia and SB mono-material capabilities and further develop the sustainable mono-material EcoLam product range.