Mold-Tek Packaging Limited, a BSE-listed company, will set up a 50,000 sq ft plant with an investment of ₹50 crore for the production of injection blow moulding (IBM) packaging products.
Addressing the media here on Thursday, Mold-Tek Packaging Limited Chairman and Managing Director Laxman J Rao said that the addressable market for IBM packaging products stood at ₹5,000 crore, with half of it coming from the containers required for the FDA-approved pharma companies.
Pilot project
Rao said the firm launched a pilot project with an investment of ₹10 crore near Hyderabad to test the technology. “We are going to invest the remaining ₹40 crore in the next two years to expand the capacity,” he said.
“We are looking at investing ₹200 crore in the next three years on expanding our capacities. We will fund the expansion plan mostly from internal accruals,” he said.
He said the company was also introducing In-Mold labelling (IML) concept for inserting the stickers with complex designs on the containers.
“The robots that are used in the IML process are being developed by us,” he said.
The firm, which registered a turnover of ₹480 crore last year, is eyeing a turnover of ₹600 crore in the current financial year.