Packaging company Uflex will invest Rs 550 crore in its new plant at Sanand in Gujarat as part of its expansion plans.
The company is in the process of setting up a plant for packaging material for liquid products with a capital expenditure of Rs 550 crore in the first phase, Uflex Group Chairman and Managing Director Ashok Chaturvedi said.
The project is proposed to be commissioned and operational by April 2017 and will employ around 250 people in the first phase.
On completion of all the phases, it will provide employment to approximately 3,000 people, he said.
"The factory will produce approximately seven billion packs per year for liquid products such as energy drinks, milk and juices. About 90 per cent of the output from this factory will cater to the domestic market," Chaturvedi said.
Uflex has packaging facilities at multiple locations in India with installed capacity of over 99,000 TPA.
"Uflex continues to strive to become one of the largest flexible packaging companies and preferred supplier in the world, delivering best in class products and services," Chaturvedi said.
The company yesterday announced 18.97 per cent rise in consolidated net profit to Rs 76.18 crore for the June quarter on account of increasing demand for innovative solutions.
Its total income on consolidated basis was up 4.60 per cent to Rs 1,600.63 crore during the quarter as against Rs 1,530.10 crore in the year-ago period.
Uflex has its presence in more than 140 countries and has plastic film manufacturing facilities in India, UAE, Mexico Egypt, Poland and USA.
It has a huge client base that includes Unilever, Pepsi, Wrigley, P&G, Colgate Palmolive, Nestle, Gillette, Perfetti, Joyco, Monsanto and ITC.
