Uflex added 1.17% to Rs 699.85 after the company's wholly owned subsidiary, Flex Asepto (Egypt) S.A.E. decided to set up an aseptic packaging facility at Egypt.
The facility is set to produce 12 billion packs per year and is expected to be operational by 30 September 2025.The total investment for this project is approximately $126 million, which will be financed through a mix of owned and borrowed funds.
The rationale behind this investment is to meet the demand of aseptic packaging in Egypt region, Europe, Middle East and East Africa.
UFlex is India's largest multinational flexible packaging materials & solutions company and a global player in polymer sciences.
The company reported a consolidated net loss of Rs 416.18 crore in Q1 FY24 as against a net profit of Rs 374.49 crore posted in Q1 FY23. Revenue from operations slipped 19.4% year on year to Rs 3,219.92 crore during the quarter.
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