PNN
Hyderabad (Telangana) [India], January 9: Mold-Tek Packaging Limited (MTPL), the leader in rigid plastic packaging in India, has inaugurated 3 manufacturing plants at Panipat (Haryana), Cheyyar (Tamilnadu) and Sultanpur (Telangana) with a total investment over Rs 100 crores with capacity expansion of 5,500 MTA.
Moldtek also acquired land at Mahad, Maharashtra to set up another manufacturing plant for pail supplies to M/s Grasim Inds with a production capacity of 1,500 MTA with an investment of Rs. 20 crores by Sept/Oct, 2024.
Panipat, Cheyyar and Mahad plants will serve to Grasim Industries, a Aditya Birla Group company, under agreement of co-located facility and company also setting up for Food & FMCG and Square Packs at Panipat and square packs manufacturing at Cheyyar.
All these units will go into commercial production within next few weeks and with all these 4 expansions Moldtek's total manufacturing capacity will go upto 54,000 MTA by end of FY 24-25.
Laxman, CMD said that these 4 plants will enhance company's growth prospects in the coming years especially in Pharma Packaging where there is a market potential of more than Rs. 6,000 crores p.a and growing at around 7 to 8 % p.a.
Food and FMCG will grow up with new clients in Northern India. The initial response to our products from Pharma Industry is very encouraging and Moldtek expects Pharma Packaging will start contributing from Q1 of 24-25.
Company's long-term plans are to have Food & FMCG and Pharma contribute to about 50% of the total turnover in next 5 to 6 years.
Company's Capex for FY 22-23, 23-24 & 24-25 is Rs. 148 crs , Rs, 120 crs & 75-80 Crs respectively.
Moldtek expects Volume growth to ramp up from FY 24-25 to 15-18% with all expansions becoming operative.
During 23-24 several new clients including M/s. Patanjali, M/s Gemini Edibles and Fats India (freedom) were added.
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