Mold-Tek Packaging has expanded its production capacity with the launch of its new unit in Haryana, India, on 3 January 2024.
Located in the city of Panipat, the new unit is expected to commence commercial production on or before 31 March this year.
The addition of the unit is set to increase Mold-Tek Packaging’s existing capacity of 47,290mtpa, which is currently operating at approximately 70% capacity utilisation.
The new facility will contribute an additional 2,500mtpa to the company’s output over the next six to seven months.
According to the company’s stock exchange filing, the added capacity is intended to address the needs of Grasim Industries and will also serve the increasing demand in the food and fast-moving consumer goods (FMCG) sectors.
Mold-Tek itself financed the expansion, which cost Rs350m ($4.2m) and was financed through a combination of internal accruals and debt.
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It was inaugurated in the presence of the company’s directors and officials.
Mold-Tek manufactures injection-moulded rigid plastic packaging containers for paints, food, and FMGC products.
In the second quarter of financial year 2024, the company saw its sales volume increase by 5% compared to the same period a year ago.