Eyeing more capacity, Mold-Tek Packaging opens three units, one more on cards

Rigid plastic packaging firm Mold-Tek Packaging has opened a new manufacturing unit each in Haryana, Tamil Nadu and Telangana with a total investment of more than ₹100 crore.

Rigid plastic packaging firm Mold-Tek Packaging has opened a new manufacturing unit each in Haryana, Tamil Nadu and Telangana with a total investment of more than ₹100 crore.

The units in Panipat, Cheyyar and Sultanpur respectively are expected to get into commercial production within next few weeks and will add 5,500 tonnes to the overall capacity. Land has also been acquired by the company in Mahad, Maharashtra for a 1,500 tonne manufacturing plant with an investment of ₹20 crore. The plant, to supply pails to Grasim Industries, will be set up by October. Together, the four units will take the total manufacturing capacity to 54,000 tonnes by 2024-25, the company said on Monday.

Besides the facility in Mahad, the Panipat and Cheyyar plants will also be focussed on catering to the Aditya Birla Group firm. The company is also setting up for a food and FMCG and square packs facility at Panipat and square packs unit in Cheyyar. Mold-Tek is upbeat about the food and FMCG as well as pharma packaging segments. The company expects these segments to contribute to about half of its turnover over next 5-6 years.

“The initial response to our products for pharma industry is encouraging and we expect pharma packaging to start contributing from Q1 of FY-25. The new plants will enhance growth prospects in the coming years in pharma packaging where the market potential is more than ₹6,000 crore per annum and the segment is growing 7-8% annually,” CMD J. Laxman Rao said.