Latest News | Swiss Packaging Solutions Provider SIG to Invest €60 Mn to Set Up Plant at Ahmedabad

New Delhi, Feb 28 (PTI) Switzerland-based leading packaging solutions provider SIG on Tuesday said it would invest 60 million Euro (approx Rs 525.98 crore) in the next two years to set up its first aseptic carton plant at Ahmedabad, in Gujarat.

"SIG will construct its first aseptic carton plant in India, the world's largest milk market, and one of the largest juices-producing countries globally," the company said in a statement.

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An 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 also operate in the space.

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Construction of the plant, which will serve leading dairy and non-carbonated soft drink players, will commence in the first quarter of 2023, and the start of commercial production is expected towards the end of 2024.

Phase one of construction is expected to create around 300 jobs, it added.

"SIG will invest approximately €60 million over the period 2023-2025, to reach a production capacity of up to 4 billion packs per annum," it said.

Subsequent investments could increase capacity up to 10 billion packs per annum.

"Land and buildings will be financed through a long-term lease with an NPV of approximately €30 million," the statement added further.

Last year in April, SIG said it is considering a strategic investment in a new plant in India, which will enhance its operations in the country. India is one of the fastest-growing markets for SIG.

Commenting over the development, Angela Lu, President & General Manager Asia-Pacific South at SIG said: "We are looking forward to further expanding our presence and driving up our market share.

"An established local infrastructure will allow us to fast-track innovations and build strong and long-lasting partnerships with our customers."

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)