Polymer products manufacturer Time Technoplast (TimeTech) has entered into a technology and licensing agreement with Dow Chemical International, the Indian unit of the US-based Dow Chemical Co, marking its entry into consumer packaging business.

Under the agreement, Mumbai-based TimeTechnoplast will introduce smart cans in India and invest about $10-12 million (₹70-84 crore) in the next 2-3 years for manufacturing the cans.

Less plastic

Smart cans, a product of Dow Chemical, is a special packaging that replaces traditional rigid containers with flexible packaging materials. The plastic content is also lower.

“With this agreement, we are planning to set up a factory in Daman, and another facility in Dubai for the Gulf Cooperation Council (GCC) market, and as the product picks up we will enter into other countries also. This technology agreement is exclusive for the Indian sub-continent and entire GCC market,” Anil Jain, Managing Director & Chief Executive Officer at TimeTech told BusinessLine .

Exclusive agreement

“TimeTech, which already manufactures polymer products from India, Bahrain, Egypt, Indonesia, Malaysia, the UAE, Taiwan, Thailand, Vietnam, Saudi Arabia and the USA, intends to commence manufacturing of smart cans from these locales too,” he added.

The technology transfer agreement was signed between the companies in Mumbai today.

Smart cans are lightweight, easy to handle and enable precision pouring with no glugging. They are shelf-stable and can stand upright or on the side once filled, Jain said, adding, it comes in one litre to 20 litre capacity.

TimeTechnoplast’s portfolio consists of products for industrial packaging, composite cylinders, MOX Film, lifestyle products, infrastructure, material handling solutions and automotive components. The group operates 30 production facilities across the globe.

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