IIP to construct six towers in Mumbai

Commerce ministry sanctions Rs 70 cr to IIP and construction work on first tower has already started

The Indian Institute of Packaging (IIP), a national apex body set up in 1966 by the packaging and allied industries and the Union ministry of commerce, is constructing six towers in Mumbai, which would house academics, hostel and lab facilities, with a total outlay of Rs 250 crore, according to IIP director NC Saha.

The ministry has sanctioned Rs 70 crore to the IIP and construction work on the first tower has already started. It should be ready by 2016, he said at the annual day celebrations of IIP-Hyderabad here on Monday.

IIP currently has six regional centres – Mumbai, Delhi, Kolkata, Hyderabad, Bangalore and Chennai. While it is coming up with its seventh regional centre at Guwahati,  a centre each at Indore, Gurgaon and Gujarat are in the pipeline, he said, adding that IIP was creating additional facilities at its Hyderabad centre at a cost of Rs 2 crore.

Stating that the Indian packaging industry had a great potential for growth and offered a lot of career opportunities, Saha said the Indian packaging industry was expected to grow at a compound annual growth rate of 12.3 per cent during the next four to five years to become the fourth-largest market in the world with sales of $42.7 billion.