Polyplex To Invest Rs 558 Crore To Set Up BOPET Manufacturing Film Plant In India
Polyplex has received board nod for setting up the BOPET manufacturing film plant.
Polyplex Corp. announced on Thursday that the company will invest Rs 558 crore for setting up a BOPET—biaxially oriented polyethylene terephthalate—manufacturing film plant in India.
The company's board of directors in its meeting approved setting up the BOPET manufacturing film plant, according to an exchange filing.
The move is aimed at boosting the company's existing capacity.
The mode of financing is mix of debt and internal accruals. The company will invest $65 million, that is equivalent to approximately Rs 558 crore, excluding incremental working capital, the filing said.
While, the company's existing capacity that is fully utilised is 90,000 MTA for both BOPET and BOPP—biaxially oriented polypropylene—films. The proposed capacity addition is 52,400 MTPA for BOPET film, as per the filing.
The proposed capacity is to be added in the first half of fiscal 2028.
Shares of Polyplex Corp. closed 3.78% lower at Rs 1,351.4 apiece on the NSE, compared to 0.69% decline in the benchmark Nifty 50.
The shares have risen by 23.9% over the past 12 months. One analyst tracking the company has a 'buy' rating on the stock, according to Bloomberg data.
