Business Daily from THE HINDU group of publications
Sunday, Aug 19, 2007
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Business Daily from THE HINDU group of publications Sunday, Aug 19, 2007 ePaper |
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Corporate
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New Projects Essel Propack sets up unit in Uttarakhand
Our Bureau Mumbai, Aug. 18 Essel Propack Ltd, manufacturers of laminated tubes, has set up a factory at Uttarakhand for the manufacture of speciality packaging material for food, pharmaceutical and personal care products at a project cost of Rs 65 crore. The facility will start operations in the last quarter of this year, and reach full capacity by September 2008, said Mr R. Chandrasekhar, President. Unit’s feature
The facility will have the provision for a clean room for the manufacture of packaging solutions for pharma applications such as tablets, capsules, powders and gels. The unit is being set up under Packaging India Pvt Ltd, a CavinKare group company, which Essel Propack acquired in 2006. “We already have a clean room in our Puducherry unit for our pharma needs, but we have a large market base in North India and it will be easier for us to address their needs from our Uttarakhand factory,” Mr Chandrasekhar said. The unit will manufacture high-end products only, compared to the Puducherry unit, he added. Global buys
The company forayed into medical devices business by acquiring Tacpro Inc USA and Avalon Medical Services Pte Ltd, Singapore, in March 2006. The global consolidated turnover of the company crossed Rs 1,000 crore last year and it has a global workforce of 2,000 people at 23 plants in 13 countries. With a global market share of 32-34 per cent, Essel Propack, promoted by Subhash Chandra of the Zee group, is the leading manufacturer in the B2B business of laminated tubes. The company’s shares closed at Rs 57.95 on Friday, down by 1.78 per cent, from the previous day’s close.
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