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With SACE and UniCredit, Italian food packaging lands in India
SACE and UniCredit are supporting the Italian food packaging supply chain in India. The goal: financing the creation of a new turnkey plant with much Made-in-Italy content for Chiripal Poly Films, a large Indian manufacturer specialising in flexible packaging solutions.
As part of the transaction, SACE has guaranteed, via an Express Buyer Credit, a loan of € 7.71 million issued by UniCredit for Chiripal Poly Films to support three contracts assigned to Colines, IMS Technologies, and Bobst Manchester, for the supply of a complete line of machinery and components. A variant of the conventional Buyer Credit aimed at streamlining the loan documentation negotiation process with a reduction in associated costs as well, this Express Buyer Credit transaction is the first of its kind signed by an Italian bank and further confirms the will of UniCredit and SACE to support the Italian supply chain with tailor-made solutions. The transaction, as a matter of fact, enables exporters to combine commercial offers with a financial offer for the buyer that makes their proposal more competitive, providing the buyer with the possibility of differing the payment of the investment over years.
In detail, Colines will create a complete co-extrusion line for producing CPP and CPE film, including engineering services, installation, training, and completion of works envisaged for February 2023. IMS Technologies will provide two slitter rewinders, the machines needed to cut the packaging material; Bobst will take care of the vacuum metallizer, a machine that produces a shiny metallic finish on materials. Both machines complement the production line. The machines will be installed in Hyderabad, the capital of the southern Indian state of Telangana, one of the main centres for technological industry on the Indian subcontinent.
“For us, this is a very important supply, and we are aware that the support guaranteed by SACE and UniCredit was, in practice, very important, for the success of the agreement. India has always been an important market for our company, and we trust that the collaboration with SACE and UniCredit may continue and expand in the best way for the future”, explains Anthony Michael Caprioli, CEO and Commercial Director for COLINES.
“Thanks to UniCredit and SACE for having supported us through the Express Buyer Credit for our customer Chiripal Poly Films LTD, India”, said Piero Grasso, Trade Finance Director at Bobst Group SA. “This funding tool has allowed our customer to benefit from competitive conditions and has facilitated the purchase of our machinery”.
"The support of UniCredit and SACE succeeded in facilitating an ambitious industrial project that allowed us to bring our technology to India, a country with great potential and, for us, highly strategic”, states Marino Ferrarese, Sales, Marketing, and Service Director of the IMS TECHNOLOGIES Group.
“We really appreciate both SACE and Unicredit for extending this Express Buyer’s Credit facility enabling us to procure state of the art machineries from Colines, Bobst and IMS Technologies which shall help our company to expand its product portfolio offering” declared Sumant Singhal, Chief Executive Officer, Chiripal Poly Films Limited.
India is headed towards surpassing China as the most populous country in the world as soon as 2023, with strong growth in private income and an increase in consumption that will make it a very attractive market for Italian companies. In addition to the sectors covered by industrial development plans, such as, for example, infrastructure and transport, energy and manufacturing, the breadth of the domestic market offers interesting opportunities in consumer goods, as well as along the whole food and beverage supply chain. In addition, New Delhi also represents one of the alternative markets for strategic supplies of some raw materials for Italian firms, such as, for example, clay, cast iron, iron, and steel. India will achieve the highest growth rate among world economies in 2022 (approximately +7%), with positive effects for sales beyond Italian borders too, forecast at +13.1% - after the excellent result achieved in the previous 12 months. For Italian exports in value, the major thrust will come from intermediate goods (+19.9%), especially chemicals (+19.2%) as well as food processing, personal care and metals (+23.6%), a sector that attracted more than 16 billion dollars in foreign investment in the 2000-2021 period. Among investment goods, which compose half of the exports to the country, mechanical engineering will record an increase of 11.1%.
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