Monday, Jul 15 2024 | Time 22:44 Hrs(IST)
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Business Economy


Uflex will invest Rs 1,500 crore to set up new unit in Sanand, Gujarat

New Delhi, Dec 6 (UNI) NOIDA-based packaging major U-flex will invest Rs 1,500 crore to set up a new unit in Sanand, Gujarat with capacity to produce 7 billion packs annually for liquid energy drinks, milk and juices, company's chairman Ashok Chaturvedi said today.
"The plant will come at our 72-acre Sanand site. It will eventually generate direct employment for around 3,000 people and revenues worth Rs 4,500 crore. In the first phase, we are expecting revenue of Rs 1,200 crore from the plant. It will be commercially operational by April 2017," Mr Chaturvedi said.
He said the first phase of the project would produce up to seven billion packs, involving an initial outlay of Rs 580 crore, and 90 per cent of the output will cater to the domestic demand.
Mr Chaturvedi said the plant would also help in meeting the growing demand for cement packaging, tubes and holographic-film manufacturing in the future phases.
India's flexible packaging market is growing at about 14 per cent per annum and slated to touch 32 billion dollar by 2020.
"With the change in demographics, lifestyle too is undergoing a paradigmatic shift. The advent of organized retail has given an unprecedented fillip to the packaging industry,” he said.
He further said while traditional retail in India was carried out through the local "Kirana" shops with nearly 75-80 per cent of items still sold in loose form, under the unorganised domain, flexible packaging market is also witnessing a demand growth from end-use industries such as personal care, healthcare, pharmaceuticals, and food and beverages.
Explaining why Gujarat was chosen for the capacity expansion project, Mr Chaturvedi said the state had several advantages-coastline of 1,600 km with 42 ports connecting it to major sea-based trade routes and trade centers, adequate power supply and a good industrial infrastructure.
"Sourcing of raw materials is also not a problem both from India and overseas. While we cater to a cuntrywide market, Gujarat being one of the highly urbanised states today shows a remarkably high consumption pattern which has undeniably made it a favorite place for setting up shop by a wide range of industries," he said.
The NOIDA-based company makes polyester chips, plastic films, laminates, inks and adhesives for packaging liquid and solid goods. It has plants at locations including Noida, Jammu and Malanpur in Bhind district of Madhya Pradesh.
P&G, PepsiCo, Tata Global, Mondelez, L' Oreal, Britannia, Haldiram, Amul, Kimberly Clark, Ferro Rocher, Perfetti, GSK, Nestle, Agrotech Foods, Coca Cola, Wrigley and Johnson & Johnson are among its Indian and global customers across 140 countries.
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