Mold-Tek Packaging CMD J. Laxman Rao
| Photo Credit: Arrangement
Rigid plastic packaging agency Mold-Tek Packaging has opened a brand new manufacturing unit every in Haryana, Tamil Nadu and Telangana with a complete funding of more than ₹100 crore.
The items in Panipat, Cheyyar and Sultanpur respectively are anticipated to get into business manufacturing inside subsequent few weeks and can add 5,500 tonnes to the general capability. Land has additionally been acquired by the corporate in Mahad, Maharashtra for a 1,500 tonne manufacturing plant with an funding of ₹20 crore. The plant, to provide pails to Grasim Industries, might be arrange by October. Together, the 4 items will take the whole manufacturing capability to 54,000 tonnes by 2024-25, the corporate mentioned on Monday.
Besides the ability in Mahad, the Panipat and Cheyyar vegetation can even be focussed on catering to the Aditya Birla Group agency. The firm can be organising for a meals and FMCG and sq. packs facility at Panipat and sq. packs unit in Cheyyar. Mold-Tek is upbeat concerning the meals and FMCG in addition to pharma packaging segments. The firm expects these segments to contribute to about half of its turnover over subsequent 5-6 years.
“The initial response to our products for pharma industry is encouraging and we expect pharma packaging to start contributing from Q1 of FY-25. The new plants will enhance growth prospects in the coming years in pharma packaging where the market potential is more than ₹6,000 crore per annum and the segment is growing 7-8% annually,” CMD J. Laxman Rao mentioned.
