#packaging sector

Fruits importer IG International on Tuesday said it has entered into a joint venture with Mumbai-based packaging company Esquire Corrugation to manufacture sustainable fresh produce carton packaging.

The JV, Esquire IG, targets to manufacture 500-1,000 tonnes of fresh produce packaging both for the domestic as well as global markets, IG International said in a statement.

"The only reason the fresh produce business presents itself as 'fresh and safe to consume' is because of the packaging feats that allow them to be as good as freshly picked produce.

"With IG Esquire, we are committed to revitalising the corrugated packaging business by integrating environmental sustainability across all of our processes and outputs," said Tarun Arora, Director, Single Family Office, IG International.

Jindal Poly Films has signed a pact with Brookfield Asset Management to sell 25 per cent stake in its packaging films business that will be hived off as a separate unit as part of the Rs 2,000-crore transaction.

The proposed investment, which values the hived off entity at Rs 8,000 crore, will be carried out through Brookfield's Special Investments programme and with its institutional partners, Brookfield and Jindal Poly Films said in separate statements on Thursday.

The transaction will result in Jindal Poly Films carving out the packaging films business, which generates as much as 85 per cent of its total revenue, into a wholly-owned subsidiary in which Brookfield will hold a 25 per cent stake.

Impact of COVID-19 Crisis on Global E-commerce Packaging in Material and Packaging Industry

Covid-19: effect on packaging companies

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