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Mold-Tek Packaging opens 11th manufacturing plant in Unnao, Uttar Pradesh

Capital Market 

Mold-Tek Packaging inaugurated its 11th manufacturing plant at Unnao, Kanpur, Uttar Pradesh on 17 October 2021 mainly to cater to the plastic packaging containers requirement of Kansai Nerolac Paints and other clients in the Northern Region.

The pilot project is inaugurated on 17 October 2021 in leased premises at Unnao, admeasuring 17,500 sft with an installed capacity 1,500 million tonnes per annum (MTPA). The company has acquired 2.61 acres of land from Uttar Pradesh State Industrial Development Corporation (UPSIDC) to establish the new plant fully functional by end of FY 2023, with an investment of Rs 25-30 crore to cater the requirements of Berger Paints, edible oil and FMCG clients.

Mold-Tek Packaging's consolidated net profit jumped 700% to Rs 12.08 crore on a 104.8% surge in net sales to Rs 133.73 crore in Q1 FY22 over Q1 FY21.

Shares of Mold-Tek Packaging declined 2.97% to Rs 707 on BSE. Mold-Tek Packaging is a packaging company, which is involved in the manufacturing of plastic packaging containers. The company manufactures rigid plastic packaging containers through injection molding technology for paints, lubes, oils, food, fast-moving consumer goods (FMCG) and other sectors.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Mon, October 18 2021. 15:26 IST