|Chennai||Rs. 24470.00 (1.37%)|
|Mumbai||Rs. 24900.00 (0.97%)|
|Delhi||Rs. 24200.00 (1.26%)|
|Kolkata||Rs. 24160.00 (0%)|
|Kerala||Rs. 24000.00 (0.63%)|
|Bangalore||Rs. 23800.00 (0%)|
|Hyderabad||Rs. 24140.00 (1.17%)|
Global packaging major MeadWestvaco Corporation (MWV) plans to invest Rs 1000 crore over the next 3-4 years for expansion of its production facility which it had acquired as part of acquisition of Vapi-based Ruby Macons Limited in November, 2012.
Besides purchase of Ruby Macons Ltd, the investment includes expansion of current production at the Vapi-based facility with installation of a new paper machine that will manufacture new paperboard products and grades. The investment and expansion plan was already underway and could yield significant increases in production starting in calendar year 2013.
“We see significant opportunities for higher quality and more innovative packaging solutions in corrugated or industrial markets, as well as many consumer categories such as food, beverage, healthcare and personal care – largely due to the emergence of modern retail and a fast-growing middle class in India," said John Luke, Jr. Chairman and Chief Executive Officer, MWV.
The company sees India as a very important market and is keen to increase its presence here, he added. The investment of Rs 1000 crore to expand MWV’s presence is also likely to triple its sales in India. It is also likely to generate 800 new jobs in the packaging industry.
The company sees India as a very important market and was keen to increase its presence with the acquisition and expansion in Gujarat, he added. The investment of Rs 1000 crore to expand MWV’s presence is also likely to triple its sales in India. It is also likely to generate 800 new jobs in the packaging industry.
In November last year MWV had announced acquisition of Ruby Macons Limited, the market leader in corrugated packaging materials in India. The acquisition was part of the company’s strategy on growth in emerging markets.
The planned investment by the company will expand MWV’s presence in industrial and agricultural packaging in India, which already includes a converting facility in Pune making rigid, humidity-resistant corrugated packaging for fresh fruits and vegetables, consumer goods, household appliances and pharmaceuticals.
The New York Stock Exchange listed MWV is a Fortune 500 global packaging company providing innovative solutions to the world’s most admired brands in the healthcare, beauty and personal care, food, beverage, home and garden, tobacco, and agricultural industries.