Mold-Tek sets up new mfg unit in Telangana

Hyderabad: Mold-Tek Packaging Limited (MTPL), India's leading rigid plastic packaging company, has successfully inaugurated three state-of-the-art manufacturing plants in Panipat (Haryana), Cheyyar (Tamil Nadu), and Sultanpur (Telangana), representing a total investment exceeding Rs 100 crores.

Additionally, the company has acquired land in Mahad, Maharashtra, for a new manufacturing facility dedicated to pail supplies for Grasim Industries, with an investment of Rs 20 crores scheduled for completion by October 2024.

Panipat, Cheyyar and Mahad plants, will serve Grasim Industries, an Aditya Birla Group company, fostering co-located facilities and expanding into Food & FMCG and Square Packs production at Panipat and Cheyyar. With these expansions, Moldtek's cumulative manufacturing capacity is set to reach 54,000 MTA by the end of FY25.

J Laxman Rao, CMD of Mold-Tek Packaging Ltd, said that the new plants will significantly contribute to the company's growth, particularly in pharma packaging, where a market potential of over Rs 6,000 crores annually exists, growing at approximately 7 to 8 per cent per annum. The company anticipates pharma packaging to commence contributions in Q1 of FY25.

Furthermore, Moldtek envisions food & FMCG and Pharma segments jointly contributing to about 50 per cent of the total turnover within the next 5 to 6 years. The company's strategic Capex for FY23, FY24, and FY25 is earmarked at Rs 148 crores, Rs. 120 crores, and Rs 75-80 crores, respectively, supporting its commitment to robust expansion plans.

As Moldtek anticipates a volume growth of 15-18 per cent from FY25 onwards, recent collaborations with new clients, including Patanjali, Gemini Edibles, and Fats India (Freedom), underscore the company's upward trajectory.