Indian flexible packaging company Uflex has revealed its plan to build a new plant in Sanand, Gujarat, which is expected to commence operations by April.
The company will be investing approximately INR5.8bn ($85.2m) in the construction of its new aseptic packaging plant.
The facility will create employment opportunities for nearly 250 people and offer a production capacity of seven billion packs annually.
Uflex already has six plants spread across various locations in India, the US, Mexico, the UAE, Poland and Egypt.
The company's plant in Gujarat will be the largest of its facilities worldwide.
“Uflex will use the plant to enter the aseptic packaging industry, the value of which is set to grow from $38.25bn in 2015 to more than $67.47bn by 2021."
Uflex is set to enter the aseptic packaging industry, the value of which is set to grow from $38.25bn in 2015 to more than $67.47bn by 2021, according to information published by Zion Research estimates in 2016.
Uflex president and chief executive officer Ashwani Kumar Sharma was quoted by Livemint.com as saying: “We’re coming up with aseptic packaging for the first time with our new plant in Gujarat. With that we will complete our product portfolio.
“When I say product portfolio - we already package solids, semi-solids, powdered materials, gels, etc. We were not doing liquids. With this plant we will be doing liquids.
“There is tremendous growth in packaging. With flexible packaging in India, we are looking at more than 15% growth. We are at around $1bn in sales, depending on how the dollar is moving. By 2021 we are looking at doubling the top-line. So we are looking at $2bn sales in next five years’ time.”
The company has also set aside about 21 acres of land for the second construction phase, while its remaining land will be used for other projects in the future.