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SRF to set up new plant in Thailand at Rs 410 cr cost

Press Trust of India  |  New Delhi 

Chemical firm today announced setting up of a plant in with an investment of USD 60 million (Rs 410 crore).

The company said it will set up Bi-axially Oriented Polyethylene Terephthalate (BOPET) film line and a resin plant in at an investment of about USD 60 million.

"This new plant will be put up at our existing in Rayong, by our wholly owned subsidiary - and is expected to become operational in close to two years," the company said in a statement.

Once operational, the new line will be capable of producing about 40,000 metric tonnes per annum, it added.

SRF's MD said: "While our long-term strategy of investing into our remains intact, we believe that we have adequate capacities in place to meet our customers' requirements on a short-to-medium term basis".

The investment into packaging films makes good sense as the global packaging films industry is witnessing improvement in capacity utilisation and hence provides us an opportunity to tap into this expected growth in demand, he added.

"Furthermore, with an existing strong customer base and a favorable tax and duty structure, Thailand presents itself as the best location for us to set up this new film line," the MD said.

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

First Published: Mon, July 09 2018. 20:55 IST