Mold-Tek Packaging Ltd (MTPL), a rigid plastic packaging solutions company, has inaugurated three three manufacturing plants at Panipat (Haryana), Cheyyar (Tamil Nadu) and Sultanpur (Telangana) in the first week.

The company invested over ₹100 crore on these plants, which will enhance its capacity to 5,500 tonnes a year, taking the total capacity to 54,000 tonnes a year during the financial year 2024-25.

“While the Panipat facility was inaugurated on January 3, the plants in Tamil Nadu and Telangana were inaugurated on January 6,” J Laxman Rao, Chairman and Managing Director of MTPL, told businessline.

The company is into the production of injection mold packaging material. The market size of this high-end packaging space is put at ₹18,000-20,000 crore, with about one-third going into the pharma sector. 

“We have also acquired a land parcel at Mahad in Maharashtra to set up another manufacturing plant for pail supplies to Grasim Inds with a production capacity of 1,500 tonnes a year. We are investing ₹20 crore by October 2024,” he said.

All these units will go into commercial production within the next few weeks. Panipat, Cheyyar, and Mahad plants will serve Grasim Industries, an Aditya Birla Group company. The company will also set up food and FMCG and square packs at Panipat and square packs manufacturing  at Cheyyar.

He said the pharma packaging segment was growing at 7-8 per cent annually with a market potential of more than ₹6,000 crore

“The initial response to our products from Pharma Industry is very encouraging and Moldtek expects pharma packaging will start contributing from Q1 of 2024-25. Food and FMCG will grow up with new clients in Northern India,” he said.