According to sources, Neo Corp will soon acquire two more similar companies in Europe, including a British firm, with a total investment of $40 million (over Rs 160 crore). Globally, technical textiles has a market of $105 billion. The Indian market, currently worth $ 3 billion and spread between 60-70 players in various categories, is growing at a rate of 26 per cent per annum.
Neo Corp, which expects to post over Rs 250 crore during the current financial year, is investing about Rs 33 crore to expand its manufacturing facilities in India and to foray into manufacturing of Food and Drug Administration-certified Flexible Intermediate Bulk Container used (FIBC) by pharmaceutical companies, said sources.
Started in 1985, Neo Corp makes enviornment-friendly technical textile products such as FIBC, container liners, leno gags, geo textiles, ground covers, shade nets, wind breaker, and various other allied plastic products.