The company's MD for India, Mr A Narayanaswamy, exclusively spoke to BioSpectrum about why India serves as its key business market, its acquisition plans and expansion, competition strategies, and future growth. Edited excerpts:
Q: Tell us about Essentra's business in India. What were your market entry challenges?
A: Our first investment in India was through a JV with ITC for manufacturing cigarette filters.
Essentra first started serving the packaging market in India 16 years ago with its tear tape portfolio. Over time, the company has grown from a position of just trading to outright manufacturing. In 2013, Essentra opened its 70,000 sq ft state-of-the-art site in Bangalore.
In healthcare packaging, the assets acquired from Kamsri Printing & Packaging have already been transferred to Essentra's site, in addition to which the company has invested in a second carton manufacturing line.
Q: What are the major growth drivers for the healthcare packaging industry in India?