Bangalore-based plastic packaging company Manjushree Technopack Limited is planning to set up two new PET bottle manufacturing plants.
Manjushree currently has two manufacturing plants in Bangalore with a 40,000 tonne per year capacity. The new plants, also at Bangalore, would take its production capacity to 50,000 tonne per year, Vimal Kedia, managing director, Manjushree Technopack Limited, told Business Standard on the sidelines of IndPack 2011, which started here on Thursday.
To be commissioned by 2012, these would come up with an investment of Rs 150 crore. Of this , the company has already raised Rs 92 crore from State Bank of India while the rest would be from internal accruals, he said.
The PET bottle industry in India is 400,000 tonne and is growing at 20 per cent year-on-year, whereas the beverages and bottled water industry is growing at 25 per cent.
The company recorded a turnover of Rs 216 crore and a net profit of Rs 15 crore. It has been growing 40 per cent year-on-year and hopes to retain the same growth rate in the coming years. “We expect Rs 300 crore revenues and Rs 22 crore net profit by next year,” he said.