US-based Northern Technologies International Corporation (NTIC), along with its Indian joint venture, Harita NTI has inked a memorandum of understanding (MoU) with Indian conglomerate, ITC to develop and commercialise new biopolymer paper products targeted at the growing consumer goods packaging market in India.
As part of the MoU, Harita NTI and ITC 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.
HNTI president Sriram said the alliance creates a portfolio of sustainable environment friendly alternatives to conventional plastic products, and 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.
The market for flexible packaging in India is estimated at about $2.8bn and expected to grow at 14% to 15% annually.
