Walter Pack will expand its production capacity in India with the support of COFIDES, which will grant a joint venture loan to the project company (Walter Pack Automotive Products India Pvt Ltd) of 460,000 euros.

COFIDES makes the investment from its own resources, which, together with the contribution of the project promoter, amount to 660,000 euros and will be used to purchase machinery, improve facilities and auxiliary equipment, as well as a laboratory, all for its factory in New Delhi.

COMMITMENT TO INNOVATION AND SUSTAINABILITY

Walter Pack began its implementation process in India with a factory in Pune, with the support of the FONPYME Fund through two loans. At present, it has a large client portfolio that includes, in addition to the automobile sector, clients from the motorcycle, electrical components, household appliances and medical equipment sectors.

This project contributes to achieving the objectives of the Sustainable Development Goals (SDGs) through the creation of indirect and direct jobs (SDG 8), as well as entrepreneurship, creativity and innovation. The project society is also committed to responsible production and consumption (SDG 12) through IATF6 16949 certification, which emphasizes the development of a quality-oriented process that ensures, among other things, the reduction of waste in the chain of supply.

COFIDES President, José Luis Curbelo, praised the technological component of this project within one of the leading sectors of the Spanish economy and its commitment to sustainability. Curbelo has pointed out “the importance of sustaining support for the internationalization of companies and the technological sectors in which the Spanish economy is highly competitive, pledges of the COFIDES Strategic Plan 2019-2021”.

On his behalf, the general director of Walter Pack, Miguel Bernar, has highlighted “the invaluable support of COFIDES, once again, of our plans for growth and innovation in a sector as competitive as the automotive sector, in which Spain is becoming increasingly better placed ”.

Walter Pack, founded in 1992, signed a strategic alliance with the Spanish multinational Grupo Antolin last year, which has entered into its shareholding with 40% of the capital. Its main activity is the development and manufacturing of decorated and smart plastic parts, mainly for the automotive industry. It has more than 350 employees and extensive international experience, mainly in Mexico and India, countries in which it has had the support of COFIDES in this internationalization process.

COFIDES is a public-private company which has been offering financial support to Spanish companies investing abroad since 1988. It is accredited with the EU to manage Community budgets, allowing it to structure transactions with a high impact on development. It is also accredited with the UN’s Green Climate Fund and can structure operations on climate change mitigation and adaptation with the GCF. It is the exclusive manager of FIEX and FONPYME funds on behalf of the Secretariat of State for Trade attached to the Ministry of Industry, Trade and Tourism and supports AECID in managing FONPRODE funds. Shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and CAF-Development Bank of Latin America.

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