Mold-Tek Packaging on Thursday outlined plans to establish a 50,000 sq ft plant for injection blow moulding packaging products near Hyderabad with an investment of ₹50 crore.
Initially, it plans to have a 10,000 sq ft facility by April 2022 with an investment of ₹10 crore. By 2024, it plans to invest an additional ₹40 crore to expand the facility. Eventually, it will have 30 injection blow moulding machines and IM machines for caps, chairman and managing director J.Laxman Rao said in a release.
With the facility, the company plans to begin catering to clients in the pharmaceuticals and cosmetics sectors. Noting that the plan is to invest ₹200 crore over the next three years on capacity expansion and foray into new market segments, he said Mold-Tek will be setting up a plant, to cater to the paint industry, in Uttar Pradesh with an investment of ₹20 crore by end of 2020.
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The company now has nine production facilities in Telangana, Andhra Pradesh, Maharashtra, Daman, Karnataka, Tamil Nadu. Lubricants, paints, food and FMCG products are some of the sectors it catered to at present. The injection blow moulding packaging market in India is estimated to over ₹5,000 crore and growing at a rate of 8-9% per annum. The company would be targetting 5-6% market share in the next 4-5 years, he said.