Plastic processing technologies firm Milacron LLC today said it will invest USD 30 million (around Rs 180 crore) to enhance production capacity at its plants in India.
It plans to invest USD 20 million in Ferromatik Milacron India's Ahmedabad facility to double manufacturing capacity of injection moulding machines and blow moulding machines as well as commence the production of extrusion line, the company said in a statement.
Milacron will invest another USD 10 million in mold masters (a subsidiary of Milacron LLC), manufacturers of hot runners and controls, for expansion at its Coimbatore facility to meet the growing customer needs.
Milacron President and CEO Tom Goeke said: "We certainly share the new government's 'Make in India' philosophy... We have a 'Made in India, for India' strategy. The expansion at Ferromatik Milacron India (FMI) will increase the production capacity from 1,500 to 2,100 injection molding and blow molding machines a year."
On India plans, he said: "Going by the current growth rate, by 2020 India will be 2nd only to China in the global polymer processing market. We are very positive about our growth in India and plan to continue to make substantial investments in India and rest of markets in the coming years.
