NOIDA, INDIA — India's $1 billion film and flexible packaging maker Uflex Ltd. has given a nod to a plan that includes expanding plants and establishing new factories in India and overseas.
The firm, one of the largest and fastest-growing flexible packaging firms in India, has drawn up a three-year growth strategy.
"The expansion plan … envisages opening new plants in new locations inside and outside India," said President R.K. Jain, in an interview with Plastics News at the company's headquarters in Noida, near Delhi.
"We have earmarked an investment of $400 million," said Jain.
The move is aimed at doubling the company's annual revenue to $2 billion in four to five years.
In the past three years, Uflex has opened plants in Egypt, Po¬land and the U.S., besides India, and expanded its Mexico facility.
"We have now consolidated and stabilized our operations in these markets and we are now ready for next phase of expansion," he said. Uflex has not identified sites for the proposed plants. "We have no plant in the Far Eastern market, so that could be one of the regions on our radar," he said.
Uflex controls about a 30-35 percent share of India's $4 billion packaging industry.