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Switzerland-based aseptic carton packaging solutions provider SIG on Friday said it is considering a strategic investment in a new plant in India.
The move will enhance SIG's operations in the country, which is its one of its fastest-growing markets, the company said in a statement without sharing any details about the investment.
"After opening our second plant in China and starting construction of a plant in Mexico for the north American market, India is our first priority for the next investment in a new packaging plant. The decision-making process is still ongoing, but we are very confident that we will be able to start building a plant in India in the near future," Samuel Sigrist, Global CEO of SIG Group, said.
The construction time for a new SIG packaging plant is 12 to 18 months, he added.
Sigrist will visit India next week along with a team which includes newly-appointed president and GM, Asia Pacific South, Angela Lu, and Samuel Dambreville, Director Cluster Asia Pacific South, the statement added.
Aseptic carton is a multilayered packaging solution made after combining layers of paperboard, plastic and aluminium and is used for the packing of liquid foods and drinks. Companies such as Tetra and UFlex are also operating in the space.
SIG, a 2.05 billion euro company, entered the Indian market four years ago.
"This is Sigrist's first trip to India as Global CEO, and the aim of this visit is to meet customers and industry experts to further understand and discuss the future of the Indian market," the company said.
After setting its local office in Gurugram in November 2017, SIG India's journey started with two customers - ITC and Coca Cola India.
Now its customer base has expanded to a number of leading dairy and juice brands, including Amul, Dabur, Varun Beverages (PepsiCo bottler), Haldirams, Milky Mist and Godrej Creamline.
"Today, with a base of 17 high-speed filling machines across the country and a full-fledged experienced local team, SIG is looking to further accelerate its growth trajectory in India," it added.
SIG is also developing India-centric solutions to address the needs of smaller dairies and juice brands.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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First Published: Fri, April 08 2022. 22:03 IST