Bosch Packaging Technology India has announced the opening of its new Rs340m (€5m) manufacturing facility in the Indian state Goa, which will help meet the growing demands of the country’s fast growing packaging market as well as international markets.

The new plant, which was built on 33,000m² of land, has current production capacity of 200 machines per year that is expected to double in three years.

According to Bosch, the plant will bring the company’s new global offerings to India, and will contribute to pursuing its future plans.

The Goa plant will also increase localisation of new packaging machine production, and make Bosch’s German technology available at affordable prices to the country’s market.

Bosch managing director VK Viswanathan said India and the South Asia region market have high potential market for packaging technology, particularly in the pharmaceuticals and food segments.

"The new facility will also generate good growth and employment opportunities for the people of Goa," Viswanathan added.

Through proper products and packaging solutions, the facility is expected to address the growing needs of the region and will also generate growth and employment opportunities for the people of the state.

The Indian subsidiary currently directly employs 130 associates, and over the next three years will see this number increase to about 160 with the opening of the new facility.

Bosch Packaging Technology, a division of Bosch, has grown with a 33.6% compound annual growth rate (CAGR) and registered sales of Rs605 crores (€10m) in 2011 from a turnover of Rs2.5 crores (€400,000) in 2000, and is poised to reach Rs 100 crores (€15m) in the next few years.

Bosch Packaging Technology India designs, develops, manufactures and markets form, fill and seal machines for flexible bag packaging, flow wrapping machines for confectionery and food applications as well as filling and closing machines for liquid pharmaceuticals.