Micro Inks pens offshore expansion plan

Micro Inks Ltd, formerly known as Hindustan Inks and Resins Ltd, is all set to expand its overseas operations. The company is planning to set up its subsidiary in China later this year.

The company has a 100 per cent US subsidiary, Micro Inks Corporation, which was set up in 2000.

The company also plans to set up its manufacturing unit in Australia in a joint venture basis.

"We are eyeing to be among the top five printing ink companies in the world. At present, Micro Inks is the fifteenth largest company globally and the leader in Indian ink industry. Apart from setting up our subsidiary in China and Australia, we are also planning to set up or acquire an ink unit in Italy. We are also planning to pick up stake in other printing companies," Vinay Pandya, director, finance, Micro Inks Ltd, said.

In 2004, the world market for printing inks is pegged around $16 billion and is growing at around three per cent annually.

The Indian market is pegged at $200 million. Among the international ink manufacturing companies, Sun Chemicals is the largest, while other major players includes Flint Ink Corporation, Sakata Inx, Sicpa and Tokyo Inks.

Micro Inks has 12 branches, five technical centres and over 500 distributors in the country.

Internationally, the company has distribution network in over 50 countries.

Micro Inks has set up a single location unit at Silvassa. Apart from this, the company has set up another manufacturing unit at Vapi.

The production capacity of these units put together is 1.80 lakh tonne ink per annum, the company said.