Indian polyester film manufacturer JBF has announced plans to invest $200m in a new plant in Salman Industrial City in Bahrain.
The proposed facility will produce polyester films used in the packaging of electronics and food items.
Initially, the plant will have a production capacity of 90,000t in the first phase, which could be expanded and diversified at a later stage.
The company has been allocated a 65,000m2 area in Bahrain International Investment Park in Salman Industrial City and construction of the project is due to start at the beginning of 2012.
The company will mainly market the products in the EU and North America in order to benefit from the free trade agreement with the US.
Hassan Fakhro, Bahrain industry and commerce minister, said all investments, especially high value-added, export-oriented and environmentally-friendly projects were welcome in Bahrain due to their positive impact on the national economy.
For the first quarter of 2011, JBF registered a net profit of Rs548.6m ($10m) up by 4.85% on a year-over-year basis and its total income on a consolidated basis stood at Rs14.14bn ($268m) up from Rs12.21bn ($232m) in Q1-FY10, a growth of 15.8% on YoY basis.
The company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) stood at Rs1.5bn implying an EBITDA margin of 11% up from 8% EBITDA margin in Q1-FY10.
JBF currently has a wide presence in the Indian, Middle Eastern, African and European markets; it has a wide client base including Coke, Pepsi, Nestle and Schweppes.