Mold-Tek Packaging Ltd (MTPL) on Monday said it has inaugurated three manufacturing plants in Haryana, Tamil Nadu and Telangana, at an outlay of over Rs 100 crores, with capacity expansion of 5,500 MTA.
Mold-Tek also acquired land at Mahad in Maharashtra to set up another manufacturing plant with a production capacity of 1,500 MTA by September/October this year, a release said here.
Mold-Tek Packaging Limited is involved in the manufacturing of injection molded containers for lubes, paints, food and other products.
All these units (three units inaugurated recently) will go into commercial production within next few weeks and with all these four expansions Mold-Tek’s total manufacturing capacity will go upto 54,000 MTA by the end of FY 24-25, it said.
MTPL Chairman and Managing Director J Lakshmana Rao said that these four plants will enhance companys' growth prospects in the coming years especially in Pharma Packaging.
Mold-Tek expects volume growth to ramp up to 15-18 per cent from FY 24-25 with all expansions becoming operative.The company’s long-term plan is to have food and FMCG and Pharma contribute about 50 per cent of the total turnover in next five to six years, Lakshmana Rao added.