ITC, Harita JV to develop biopolymer paper products
4 June, 2011
The Northern Technologies International Corporation and Harita NTI (HNTI), a TVS group company, have signed an MoU with ITC Limited to jointly develop and commercialise biopolymer-paper products targeted at the burgeoning consumer goods packaging market in India. Northern Technologies and Harita are manufacturers of sustainable biobased and certified compostable bioplastic materials.
The two companies are jointly developing solutions for the Indian market towards providing biodegradable/compostable products such as food service ware, food packaging, personal care product packaging and other fast-moving consumer goods packaging.
NTIC’s biopolymer technology platforms, manufactured in India by HNTI, will be integrated with paper manufactured by ITC’s – PSPD. Both companies will also jointly develop and promote joint branding and messaging for these products. “The alliance promises to bring significant benefits to both parties as it creates a portfolio of sustainable environment friendly alternatives to conven- tional plastic products” said N Sriram, president of Harita NTI.
The existing market for flexible packaging in India is estimated at about $2.8 billion and is expected to grow by at least 14-15% annually fuelled primarily by enormous demand for consumer packaged goods by India’s growing middle class.
The development of biopolymer paper products becomes important given the growing opposition for the use of conventional plastics such as polyethylene and polypropylene in flexible packaging due to environmental and waste-disposal concerns.
It may be noted, earlier this year, Indian authorities banned the use of non-biodegradable plastics in flexible packaging for certain high-volume applications.