Mumbai, July 12
HINDUSTAN Tin Works Ltd, a can manufacturer, has announced that it is envisaging further investment of Rs 50 crore in the metal packaging business.
The company proposes to tap the unexplored packaging opportunities available in the domestic market by setting up a two-piece can manufacturing line to cater to requirements of beer and beverage industry, a press release said.
This would be the first project of its kind in India and would substitute the imported cans in this segment, the release added.
The proposed investment would also help the company to substantially increase its export business by meeting the increasing demand of its product in the international market.
The company is planning to set up a new manufacturing unit in Maharashtra and the funds for expansion would be partially met through issue of preferential equity shares and zero coupon warrants.
The project is likely to be completed within the current financial year.
The company produces a wide range of cans and provides packaging solutions to dairy products, edible oils, tea, coffee, motor oils, medicines, pesticides, chemical and paint industries.
It is one of the largest manufacturers of lithographed metal containers in the country.