Global aluminium major Alcan, will make an initial investment of $10 million in the Indian flexible packaging market. The Canadian company will build and equip a new flexible packaging facility in the BHEL Industrial Park in Haridwar, in Uttarakhand to cater to the rapidly growing food and personal care markets.
Ilene Gordon, president and chief executive officer, Alcan Packaging, said, "This investment, the first for Alcan Packaging in India, demonstrates the company's continuous commitment to investing and growing in emerging markets by anticipating its customers' expanding needs in the region"
"Alcan Packaging is building a strong regional manufacturing position together with its customers," said Jean-Paul Meausoone, President, Alcan Packaging Food Asia at a ceremony at the future packaging facility's site in India. "By creating a local manufacturing presence in India, Alcan Packaging Food Asia will enrich its Asian portfolio, to better serve customer needs and deliver reliable, innovative and high quality packaging materials and solutions," he added.
Alcan had a substantial presence in India till 2000 through its subsidiary Indian Aluminium, the largest downstream fabricator of primary aluminium in India, with vertically integrated operations that include bauxite mining, alumina refining, power generation, primary aluminium smelting, semi-fabrication and recycling facilities.
After fending off a hostile take-over attempt for Indian Aluminium by Sterlite Industries in 1998, the Canadian company hiked its shareholding in the Indian company from 36.4 per cent to 56.4 per cent. In 2000 it exited India and sold its entire stake to the Aditya Birla Group flagship, Hindalco for Rs 738 crore.
In Asia, Alcan is present in 10 countries with 27 sites, employing 6,500 people. The new site in Haridwar is expected to be operational in the Q4, 2007.
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