Flexible packaging major Uflex looks to target 30 per cent of its packaging segment's revenue from export markets in the next three years.
At present, exports account for 18-20 per cent of total revenue of its packaging business, Uflex Group President (Corporate Finance and Accounts) R K Jain told PTI.
The packaging business accounts for 44 per cent of total revenue of Uflex, which is also into production of chemicals, cylinders and holograms and engineering.
The company exports products to over 140 countries from its manufacturing units in India, Poland, the US, Mexico, Dubai and Egypt.
The packaging major has crossed the USD 1 billion revenue mark in India and wants to double its income to USD 2 billion in 4-5 years.
The company is setting up an aseptic packaging plant for liquid packaging in Sanand, Gujarat, with an investment of about Rs 580 crore in first phase and the total capacity will be 7 billion packs per annum.
"The funding of the first phase, which has a capex of Rs 580 crore, was done partly through debt and partly through internal accrual," Jain said.
Uflex is investing in the next two years to enhance capacity for packaging semi-liquids and liquid materials and powder and granular material at Sanand.
"The Sanand plant will produce liquid products such as energy drinks, milk and juices. About 90 per cent of the output from this factory will cater to the domestic market. After the Sanand plant becomes operational we will be present all packaging verticals," he said.
The first phase of the aseptic packaging plant will be commissioned by October 2016, and will be commercially operational by March-April 2017, in which around 250 persons will be employed, Jain said adding that on completion of all the phases the unit will generate employment for about 3,000 people.
Source : economictimes.indiatimes.com