Uflex aims to double revenue to $2bn by 2015

3 September 2012 (Last Updated September 3rd, 2012 18:30)

Indian flexible packaging company Uflex is setting its sights on doubling its revenue to around Rs95bn ($2bn) by 2015 and has plans to invest $250m on capital expenditures spread over two years.

Indian flexible packaging company Uflex is setting its sights on doubling its revenue to around Rs95bn ($2bn) by 2015 and has plans to invest $250m on capital expenditures spread over two years.

Uflex group corporate finance and accounts president RK Jain said the company will invest in setting up new manufacturing facilities and capacity expansion at existing locations, PTI reported.

"The $250 million-investment is aimed at capacity expansion plans we are currently planning," Jain said.

The company will invest $80m to set up a polyester film plant with an annual capacity of 30,000t in Kentucky, US, its first greenfield investment, scheduled to be operational by December 2012.

Uflex reported 30% growth in consolidated revenues to Rs45bn ($819m) for the financial year ended 31 March 2012, compared to Rs35bn ($638m) in 2011.

"Currently, we are getting 35% revenues from overseas market and we expect this to be 50:50 by 2015. We are targeting to grow to $2 billion by 2015," Jain added.

During 2011, the company completed the second phase of Mexican facility expansion, constituting a total annual capacity of 60,000mt of PET film. Uflex's Polish facility, which has a capacity of 30,000t annually, began operations in July 2012.

The company's investments are estimated to be $135m in Egypt facility, which has trade deals with Gulf nations, Southern Europe and Africa, Middle East, West Asia and Commonwealth of Independent States (CIS) countries to access larger markets.

In Mexican plant, a part of North American Free Trade Agreement, the investments amounted to $109m.

The company's manufacturing plants are spread over globally in India, Egypt, Dubai, Mexico and Poland.