Indian Packaging Firm To Make Foray In African Market
India's top flexible packaging company UFLEX is ready to make ambitious foray in the African market with its high-tech facility in Egypt starting production this month.
Mr. Ashok Chaturvedi, chairman and managing director of UFLEX, stated, "We have set up a manufacturing unit in Egypt for producing flexible packaging material such as polyester films which would help us to cater to African countries more efficiently. We see Africa emerging as a big market."
In the initial phase starting this month, UFLEX's manufacturing plant in Egypt would make 35,000 tonnes per annum (TPA) of Biaxally-oriented Poly Propylene (BOPP) film.
Mr. Chaturvedi said that the second period of the project is likely to be operational by the third quarter of the financial year 2011-12.
UFLEX already owns 3 manufacturing units in the Indian market. The company has overseas manufacturing facilities in Dubai and Mexico. It is also enhancing the production capacity at the Mexico plant.
"With the completion of the second phase of the Egyptian unit by December 2011 and that of the Mexico project by June 2011, UFLEX is expecting the share of its international revenues to increase from the current 43 percent to 60 percent by the year 2013," Mr. Chaturvedi said.
Presently, the company has yearly revenues of over Rs 30 billion ($646 million) and is listed on the Bombay Stock Exchange and National Stock Exchange in India.
Its abroad facility has the capacity to make 160,000 TPA of world class plastic films. This capacity is likely to be enhanced to 263,400 TPA by the year 2012. (With Inputs from Agencies)