ITC, HNTI join hands for green packaging - Financial Chronicle
May 31, 2011
Northern Technologies International Corporation (NTIC), along with its Indian joint venture, Harita NTI, have joined hands with Indian conglomerate ITC to develop and commercialise new biopolymer paper products targeted at the growing consumer goods packaging market in India.
Harita NTI and ITC, which have signed an MoU, are jointly developing solutions for the Indian market towards providing bio-degradable/ compostable products including food service ware, food packaging, personal care product packaging and other FMCG packaging. NTIC's biopolymer technology platforms, manufactured in India by HNTI, will be integrated with paper manufactured by ITC's Paperboards and Specialty Paper Division.
"This alliance promises to bring significant benefits to both parties as it creates a unique portfolio of sustainable environment friendly alternatives to conventional plastic products," said N Sriram, president, HNTI in a statement.
The market for flexible packaging in India is estimated at about $2.8 billion and expected to grow at 14 - 15 per cent annually. The development of biopolymer becomes significant in the wake of growing opposition to conventional plastic in flexible packaging due to environmental and waste disposal issues.
