Pyramid Technoplast Ltd. has signed an MoU for acquisition of 10 acres of land on an outright basis at a value of ₹12 crore in Wada, Palghar district, within the Konkan division of Maharashtra.

A new manufacturing unit will be set up in three phases over the next four to five years, per the company.

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“The company aims at increasing the production capacity across polymer drums and Intermediate Bulk Containers (IBC) segments and MS drums. Strategy behind starting this unit is to diversify business into other states and also to cater the area in cost efficient way. The Company anticipates an annual revenue potential of approximately ₹400 crore upon achieving full capacity utilisation,” it said in a statement.

Pyramid Technoplast stock fell 3.92 per cent on the NSE, trading at ₹170.30 as of 3.12 pm.