“I am pleased to partner with SB Packagings and Premji Invest,” Pim Vervaat, CEO of Constantia Flexibles, said. “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.”

Amit Banga, managing director of SB Packagings, added: “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. This JV gives SBP Group a pan-India presence across 10 manufacturing locations.” 

Amit Banga will drive the strategic imperatives of the JV to deliver sustainable and innovative solutions for customers in India and South Asia. 

OP Banga, founder of SB Packagings, said that this JV with Constantia is a momentous milestone in the journey of SB Packagings and said that he is hopeful that the venture will scale new heights.

The JV will pursue organic as well as inorganic growth in higher value-added 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 SB Packagings’ help, 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.

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.