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There are some products that can’t be replaced by paper or other biodegradable materials, and that’s where rigid plastic packaging comes in. From bottles to dispensers, containers to pumps and caps to closures, the industry continues to experience organic and inorganic growth, much to the benefit of its major players.
In India, one of the biggest markets for rigid plastics, Alternicq is at the top of the ladder in terms of installed capacity.
“Even though we’re the largest, the industry – huge as it is – is very fragmented,” Managing Director and CEO Thimmaiah Napanda P tells The CEO Magazine. “That’s why our share is still only around seven percent overall, and our nearest competitors are not even half our size.”
“We’re always looking to enrich the lives and create value for our stakeholders.”
However, Alternicq has been busy acquiring smaller companies in the industry in the hope of consolidating not just its own footprint, but also the entire industry.
“We’re probably also the leading company in that regard,” Thimmaiah says. “It’s in service of growing exponentially and becoming a huge company in the future. That’s one of three things we’re currently doing as an organization.”
The other two pursuits will also have knock-on effects for the industry, he says. Alternicq was established in 1987; two decades later, it was a medium-size, proprietary-run, owner-driven company among many.
“We were earlier a portfolio company of Advent International and last year, another global private equity company, PAG, acquired the stake from Advent,” he confirms.
“That’s when we were able to grow into a large-scale, professionally-run, multinational-style organization in terms of the way we operate. We’ve been working hard to professionalize not just the business, but also the entire industry, and grow to the next level.”
Thimmaiah’s journey with the company began in 2022 after an impressive run of management roles at a variety of multinationals, from Tata Cummins to Honeywell and Meritor. He brought with him significant experience, particularly in the automotive industry.
The move from metal-based products to plastic was a fresh start for the new Managing Director and allowed him to build the kind of culture the growing Alternicq needed.
“You need a very different culture to run a large organization,” he explains. “We’ve undertaken a cultural transformation by building systems and processes across financial, HR and other processes within the business. It’s all part of a robust five-year plan for Alternicq.”
“We are adopting best-in-class practices and implementing them across all our factories.”
The opportunity is quite unlike anything Thimmaiah had experienced before and one that leans heavily on his entrepreneurial mindset.
“Even though we have a board, we have a lot of liberty to drive the business our way,” he reveals. “Decision-making is extremely fast here.”
And that agility counts when acquisitions are involved. Thimmaiah says acquisitions will continue to be a part of Alternicq’s five-year plan, as will organic growth of first-party manufacturing plants.
“We have 30 factories all over India, and we’re continuing to look into more geographical locations into which we can expand,” he reveals.
This infrastructure will help realize the company’s five strategic pillars: profitable growth, high-level process capability and operational excellence, growth through innovation, people and culture, and recycling and ESG, which are critical considerations in today’s plastic industry.
In addition, the company has five behavioral pillars: customer centric, performance oriented, collaborative approach, agile and responsive, and ethics and integrity.
“These are the five strategic and behavioral pillars that will take our organization to the next level,” Thimmaiah predicts. “Success for me is about becoming a prominent player at home so we can challenge competitors all over the world.
“Why can’t we become like a multinational? There’s nothing stopping us.”
The framework driving the company’s push is Alternicq Production System, a world-class operating line akin to the likes of Toyota or Nissan.
“We are adopting best-in-class practices and implementing them across all our factories,” he says. “Whether it’s quality, performance, cost, delivery, morale – we want to emulate the automotive industry in terms of overall operational excellence.
“It’s going to take time, but once done, we’ll be among the best companies in the world in our space.”
Along the way, Thimmaiah hopes to increase the value and wealth of Alternicq’s people as well as those of its partners and stakeholders.
“We’re always looking to enrich the lives and create value for our stakeholders,” he says. “We buy tools, resins and molds from suppliers, and we establish strategic relationships that can last long-term.”
Molds are often required at very short notice when a new product is set to launch. It’s through strong, trust-built relationships that such products can be turned around so quickly, according to Thimmaiah.
“If we prioritize our suppliers, they’ll prioritize us,” he points out. “If we go to a supplier with whom we have a very good relationship and ask for a one-month turnaround for a product that would normally take three months, they can oblige. We’re then able to be the first to adapt to the needs of the market.”
“We’ll be among the best companies in the world in our space.”
The CEO’s years in the automotive space have imbued him with a glimpse into a potential future for India’s packaging sector.
“When I joined India’s automotive industry decades ago, it was nascent. Local. It didn’t have the capability to deliver high-quality products,” he says.
“Over the past two decades, the industry has transformed into a world-class entity that can operate at a very high level in terms of performance, cost and culture. I see the same potential here, although we’re probably 10 years away from that kind of outcome.”
It’s precisely that rich potential Thimmaiah credits for inspiring him in his current role.
“I have such a great opportunity to implement my learnings and experience from the automotive industry into the world of packaging,” he says.
“It’s truly exciting to be able to drive that kind of transformation, not just at Alternicq, but across the industry.”
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