Alternicq’s Consolidation Play in India’s Fragmented Packaging Market

Since taking the helm in 2022, Napanda P has prioritized the professionalization of the business, moving it away from its origins as a proprietary-run firm. Following its acquisition by the global private equity firm PAG, the company is now executing a five-year plan centered on operational excellence. By modeling its internal production systems after automotive giants like Toyota and Nissan, the firm aims to standardize quality and efficiency across its 30 Indian factories.

Growth remains a dual-track strategy involving both organic expansion into new geographies and the absorption of smaller competitors. Napanda P views the Indian packaging sector as being on a trajectory similar to the domestic automotive industry two decades ago—poised for a shift toward world-class performance. By fostering deep, trust-based relationships with suppliers to ensure rapid turnaround times, the CEO is positioning the company to compete globally. He believes that by digitizing processes and embedding a culture of agility and integrity, Alternicq can bridge the gap between a fragmented local player and a multinational market leader.