Narendra Plastic to invest Rs 90cr on two units

Narendra Plastic, one of the largest manufacturer and exporter of plastic packaging products in India, plans to invest over Rs 90 crore for setting up two new manufacturing units in Daman and Uttarakhand.

Itochu Corporation of Japan, a Fortune 500 trading company, has picked up 30 per cent of the equity in Narendra Plastic to part-fund the expansion, said Neemit Punamiya, managing director, Narendra Plastic.

"Itochu Corp has business transactions of over $95 billion and we will be benefitted by their technology skills and marketing expertise," he said.

Narendra Plastic currently has manufacturing facilities at Daman to produce about 20,000 million tonnes of plastics in a year. The new facilities at Daman and Uttarakhand will add 12,000 million tonnes each per annum.

While the Uttarakhand facility is slated for take off in May 2008, the unit at Daman will start production by September.

The expansion is aimed to increase the company's business from Rs 160 crore currently to over Rs 350 crore by 2009. The privately-held Narendra Plastic has a six-per cent market share of the Rs 3,500-crore Indian market.