Having acquired a majority stake in Kolkata-based Creative Polypack Ltd. for an unspecified amount, Constantia Flexibles, the world’s fourth-largest producer of flexible packaging, said it planned to double sales revenue in India in five years.
While the Austrian company acquired majority control in Creative Polypack and its group companies recently, it had acquired majority stake in Parikh Packaging of Ahmedabad in 2013.
€100 mn sales
“Through our subsidiaries Parikh Packaging and Creative Polypack, we have already reached sales revenue of €100 million and have become the third-largest player in India,” said Alexander Baumgartner, CEO, Constantia Flexibles.
“We have now set a target to double our revenue to €200 million by 2022.” “The flexible packing market in India is expected to grow by more than 10% in the next five years and we can achieve our target through organic growth and investment in new technologies,” he said.
So far, the company had invested €18 million (₹150 crore) in Parikh Packaging. Currently, Parikh Packaging is investing €12 million (₹100 crore) in a new greenfield plant at Ahmedabad to produce sustainable laminates.
This facility would start production in 2019. Besides, Creative Polypack with facilities at Kolkata and Puducherry, among others, would be investing €6 million on an average every year for four to five years to add capacity. With these two acquisitions, Constantia is eyeing the top position in India, senior officials said.
