Ahmedabad-based Umasree Texplast partners with Brazil’s Packem to make eco-friendly FIBC (Flexible Intermediate Bulk Container)/Jumbo Bags made of PET/PCR (rPET).
In a press release, Umasree Texplast informed that it has entered into a JV with Brazil-based Packem to produce 100 per cent sustainable FIBC(Flexible Intermediate Bulk Container)/Jumbo Bags made of PET/PCR (rPET) with an investment of US $ 15 million (120 crores) for a new plant in Gujarat to support circular economy and ‘Make in India’.
The new production unit to come near Ahmedabad which will produce 100 per cent sustainable FIBC/Jumbo Bags is expected to create about 700 jobs. The plant will help India become self-reliant as well as emerge as a hub for exports of the bags.
Umasree will hold a 49 per cent equity in Packem Umasree Pvt. Ltd., the JV, and Packem, which recently became the first Brazilian company to produce 100 per cent sustainable FIBC/Jumbo Bags made of PET/PCR (rPET), will hold 51 per cent. Packem Umasree will be the first company in India to start producing FIBC/Jumbo Bags made from 100 per cent rPET/PCR (Recycled PET) with the concept of Bottle to Bag.
Punit Gopalka, CEO, Umasree said, “We chose to form the joint venture with Packem because it is a young and energetic company with a vision for the future. India is a strategic location to serve the global market and we have been operating in this market since 2005. We have launched a 100 per cent recycled and recyclable product and we felt Packem is a perfect fit with our philosophy of sustainability.”
Eduardo Santos Neto, CEO of Packem said, “This new facility in Asia will take Packem to global markets that are already served today by Umasree, in PP bags, especially the USA, Canada and Europe. We have been Umasree’s business partners for over 10 years, and it was this relationship of trust that enabled the Joint Venture to further strengthening this partnership.”
