Business Daily from THE HINDU group of publications
Saturday, Nov 22, 2008
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Business Daily from THE HINDU group of publications Saturday, Nov 22, 2008 ePaper | Mobile/PDA Version | Audio | Blogs |
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Corporate
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New Projects Web Extras - Outlook Ball Packaging puts India project on backburner Ball Packaging Europe is a leading beverage can maker It has 12 plants in six countries & 2,600 employees The co reported a turnover of over €1 b in 2007 Rahul Wadke Mumbai, Nov. 20 Ball Packaging Europe, a subsidiary of Ball Corporation, USA, has decided to put its India plan on hold. The company plans to commission its Rs 260-crore beverage can-making plant during the first quarter of 2011 instead of the originally envisaged launch in mid 2009. Confirming the postponement of construction and commissioning of the plant, Ms Sylvia Blömker, Public Relations Director of Ball Packaging, in an email statement said, “The reason why we have decided to postpone the plan has to do with Indian economy and its effect of the beverage can consumption and growth: The market conditions in India have become less clear and we have decided to slow down our schedule.” Ms Blömker added that when the time is right to proceed with the investment, the company would provide the necessary financial funds to stick to the initial plan and build a facility with one production line. Plan on holdIn November 2007, Ball Packaging Europe had announced plans of starting a beverage can production facility near Aurangabad. In March 2008 it entered into a MoU with the Maharashtra Government for setting up the plant. With one production line the plant was to be positioned strategically to supply cans for beverage companies. The plant was to have an annual capacity of 600 million cans. The decision by Ball Packaging is a clear fallout of the global slowdown that has also affected India. Local companies are already in the process of consolidating plants, cutting down capacities and laying off casual labour. Investment opportunitiesHowever, sources in Maharashtra Government said that despite the sombre investment climate, potential investors were still scouting for investment opportunities. Malaysia-based air conditioning equipment manufacturer Dun and Bush is planning to set up three projects and has already approached the Maharashtra Industrial Development Corporation (MIDC) for land. Parsvnath DevelopersParsvnath Developers, which is into real estate development, is going full steam ahead with its 370-acre pharmaceutical SEZ in Nanded. It has received a letter of intent from MIDC and a special purpose vehicle has been floated jointly to implement the project. Parsvnath is holding 74 per cent stake in the joint venture with MIDC taking up the balance.
Mr Pradeep Jain, Chairman, Parsvnath Developers, told Business Line, “We are awaiting approval from the Centre for the SPV and expect to get the go-ahead in a few weeks. Construction will take place in about 18 months. Pharmaceutical companies are not facing any recession and are actually quite comfortable financially. We are, therefore, going ahead with our SEZ project.” More Stories on : New Projects | Packaging | Beverages | Outlook
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