Symphony Environmental Technologies Plc (LON:SYM) global specialists in technologies that make plastic and rubber products “smarter, safer and more sustainable”, has announced a strategic alliance with a team of specialised and experienced people in India who understand the culture and business requirements of a country with 17.7% of the world’s population.
Symphony Environmental Limited, a wholly owned subsidiary of the Company, has therefore entered into an agreement to form a joint venture company in India with Indorama India Private Limited, a wholly owned subsidiary of Indorama Corporation Pte. Ltd. The JV company, called Symphony Environmental India Pvt Ltd, will have an initial share capital, the equivalent in Indian currency, of GBP 100,000. The shares of Symphony India will be held 46.5% by Symphony UK, 46.5% by Indorama and 7% by Mr. Arjun Aggarwal, an Indian citizen, who has been appointed Managing Director of Symphony India.
Mr Aggarwal is one of India’s prominent young entrepreneurs, who has introduced a portfolio of modern technologies that are in line with the aspirations of India’s young demographic profile.
Symphony UK has awarded Symphony India an exclusive Distribution Agreement to market and sell Symphony’s d2w and d2p masterbatches in India. Symphony India will also be promoting the importance of Symphony’s scientifically-proven d2w technology to protect the environment, and its d2p technologies to protect human health. The parties are already preparing an active programme of media communications and direct selling.
The use of plastic in India is increasing because it is the lowest cost option, and is by far the best material for protecting food and water from contamination and preventing food waste and disease. However, India also has an environmental problem in common with most of the world with plastic pollution. Trying to ban plastic is not the answer, but using d2w technology could effectively and significantly reduce the issue of plastic pollution without job losses, factory closures or increases in Co2 emissions. In future, if d2w enhanced plastic does escape into the environment the plastic will safely biodegrade instead of lying or floating around for decades and creating microplastics.
The products sold by Symphony India will be produced mainly in India, under licence from Symphony UK, as this will be both cost-effective and environmentally-friendly. The parties have negotiated a Manufacturing and Product Development Agreement with the Bihani Manufacturing Company Ltd., (“Bihani”) in New Delhi, who have been supplying Symphony UK for nearly ten years. Their manufacturing facilities have been and will continue to be audited by Symphony’s Technical Dept.
Amit Lohia, Group Vice Chairman of Indorama Corporation, said: “Protection of the natural environment, and the health and safety of the people are very important objectives in India today, and Symphony’s technologies will help to address those objectives.”
Arjun Aggarwal, MD of Symphony India said: “The formation of a Joint Venture company in India is an important milestone for both Symphony and Indorama. It will lay the foundation of a truly Swachh Bharat (clean India), the vision of our Prime Minister Narendra Modi. Plastic biodegrading automatically will ensure that our planet’s newest continent – plastic waste – does not grow any further.”
Jaideep Bihani, Director of Bihani said: “Innovation and sustainability have always been an integral part of Symphony’s portfolio, and Symphony’s tried and tested d2w products resonate with the Indian Government’s vision, initiatives and policies. At the same time, d2p masterbatch technology will change product conception and design in agriculture, food packaging, healthcare, and many other applications. We will be working closely with Symphony India to ensure efficiency and maintaining the high standards of quality set by Symphony UK.”
Michael Laurier, CEO of Symphony Environmental said: “For the Group to expand successfully in India it was essential for us to form an alliance with a strong Indian partner. We have no doubt that Indorama is the right partner, as it is a substantial company well respected in India, with the right commercial credentials. This is an expansion of our current activities in India and we consider the Indian market to be ripe for significant sales growth.”
