Kanorial family TCPL Goa
The Kanoria family holding the auspicious test print at the inaugural of the new K&B Rapida multicolor packaging press at TCPL's Goa plant

In October 2021, TCPL Packaging replaced its oldest multicolor offset press at its Goa plant with a new K&B Rapida multicolor packaging press. Although TCPL is a public limited company quoted on the Sensex it was a ceremonial occasion where as usual the promoter family and its industry partners took part in the inauguration. Posting photos of the event on social media, the company’s executive director Akshay Kanoria said, “As India comes out of the pandemic and demand picks up, we are sure to see increased demand for packaging. Customers and consumers are also becoming more discerning, necessitating better technology investments.” This is the second K&B Rapida multicolor at the TCPL plant in Goa, with the first highly configured press installed in January of 2019.

Packaging has in the main been a resilient pillar of the Indian economy in the past twenty months of the pandemic and its lockdowns. As there is some mitigation of the risks and consequences of a further wave or a new strain of the Covid-19 virus, the industry is counting on some of the most affected parts of the economy to also recover. At the same time many of the structured companies such as TCPL Packaging that were poised for rapid growth before the pandemic, are daily revealing the consolidation of projects that were underway but delayed and can take advantage of new opportunities that are presenting themselves.

TCPL to acquire 60% stake in Creative Offset Printers, Noida

On 3 November 2021, TCPL packaging announced that its board of directors has approved the acquisition of a majority stake in Creative Offset Printers Private Limited (COPPL). “The company has entered into a definitive share purchase agreement to acquire 60% equity stake of COPPL. The completion of the transaction is subject to satisfactory accomplishment of certain conditions precedent.

“With this acquisition, TCPL enters into the high potential rigid boxes segment, in one of the fastest-growing smartphone markets in the world.” The statement goes on to say that Creative Offset Printers is strategically located in Noida “to target the large upcoming mobile manufacturing hub in India.”

The release goes on to say, “The acquisition is aligned with TCPL’s strategic objective to grow by leveraging its scale and institutional capabilities in a largely unorganized industry. With both entities having manufacturing facilities in close proximity, TCPL anticipates deriving notable synergies including rationalization and optimization of various costs.”

Saket Kanoria, managing director, of TCPL Packaging, said, “The acquisition of a majority stake in COPPL . . . is a strategic step towards enhancing the company’s future growth prospects. With this acquisition, TCPL has entered into the high potential rigid boxes segment that primarily caters to one of the fastest-growing smartphone markets in the world. This tuck-in acquisition complements our existing business model and offers us many synergistic opportunities that should play out over the next few quarters.”

TCPL Halma joint venture

In the last week, TCPL Packaging also announced a joint venture with Maarten Halma to build a state-of-the-art paper cup factory. The joint venture of Halma Solutions and the Kanoria family promoters of the TCPL group will establish and build the factory in Goa. It is expected to be up and running by April 2022. TCPL has known Halma for over fifteen years and TCPL’s executive editor Akshay Kanoria said on social media, “With our technical strength and experience and Maarten’s vast knowledge in the paper cups and disposables segment, we aim to be the best factory in India and one of the best in the world for disposable products!!”

Flexible packaging expansion

At the same time, TCPL’s flexible packaging expansion, delayed slightly by the pandemic and the lockdowns, is now nearing completion. The plant which will contain a blown film with an MDO unit to produce recyclable single polymer films and laminates and an additional gravure press is expected to be commissioned in the first quarter of 2022. Thus the TCPL Packaging group proceeds with its considered and strategic expansions by way of renewing its older production infrastructure and investing in new sustainable technologies, alongside acquisitions and joint ventures that bring it into new packaging segments.

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The multi-channel B2B in print and digital 17-year-old platform matches the industry’s growth trajectory. The Indian, South Asian, Southeast Asian, and Middle East packaging industries are looking beyond the resilience of the past three years. They are resuming capacity expansion and diversification, with high technology and automation in new plants and projects.

As we present our 2024 publishing plan, India’s real GDP growth for the financial year ending 31 March 2024 will exceed 6%. The packaging industry growth will match the GDP growth in volume terms and surpass it by at least 3% in terms of nominal growth allowing for price inflation in energy, raw materials, consumables, and capital equipment.

The capacity for flexible film manufacturing in India increased by 45% over the past four years. With orders in place, we expect another 20% capacity addition in 2024 and 2025. Capacities in monocartons, corrugation, aseptic liquid packaging, and labels are growing similarly. As the consumption story returns over the next six months, we expect demand to return and exceed the growth trajectory of previous years. The numbers are positive for most of the economies in the region – and as shown by our analytics, our platform increasingly reaches and influences these.

For responsible and sustainable packaging, with its attendant regulations and compliances, there is significant headroom to grow in India and the region. Our coverage includes the entire packaging supply chain – from concept to shelf and to waste collection, sorting, and recycling.

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The coming year looks to be an up year in this region, and this is the right time to plan your participation and marketing communication – in our rich and highly targeted business platform with human resources on the ground. Share your thoughts and plans to inspire and mobilize our editorial and advertising teams!

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– Naresh Khanna (25 October 2023)

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