The New Delhi-based group, which currently has turnover of around $400m (see box), is planning to build a new PET film line in Mexico and a PP and PET factory in Egypt, as well as expanding its manufacturing base in India.
Chairman and managing director Ashok Chaturvedi said: "We want to become a preferred supplier of packaging materials not only in India but across the globe and are also eyeing a $1-billion turnover by the financial year 2013.
"That is not possible without increasing our presence and capacities in India and abroad."
In Mexico, a $55m investment will be made to double the capacity of the group's plant by building a line that will produce 26400 tonnes of film every year.
In Egypt a total of $135m will be spent on a factory that will, in a first phase, produce 35,000 tonnes of BOPP film each year and later add capacity to produce 30,000 tonnes of PET and 12,000 tonnes of cast polypropylene each year.
In addition, around $60m will be spent in India on capacity that will come on stream in 2011.
UFLEX FACTFILE
Chairman Ashok Chaturvedi
Base New Delhi, India
2009 turnover Rs. 19bn (c. £276m or $408m)
Manufacturing facilities Jammu, Noida and Gwalior in India; Mexico, Dubai, Egypt
Key markets Food, beverage, healthcare, DIY (Do it Yourself)
