UFlex To Invest Over Rs 750 Crore On New Unit In Mexico, Recycling Plant In Noida
The flexible packaging and solutions firm will set up a woven polypropylene bags manufacturing plant in Mexico.
Flexible packaging and solutions firm UFlex Ltd. is investing over Rs 750 crore to set up a woven polypropylene bags manufacturing plant in Mexico and a new recycling facility at Noida, to be operational in 2025-26, according to its Chairman and Managing Director Ashok Chaturvedi.
The company's board had approved setting up of the woven polypropylene bags manufacturing plant in Mexico at an investment of $50 million (nearly Rs 435 crore) to cater to North and South American pet food market, along with the recycling unit at Noida at an investment of Rs 317.11 crore last week.
"With an estimated investment of $50 million, this plant will be the first WPP packaging plant in Mexico catering to the lucrative North and South American pet food (bags) market, estimated at approximately $90 billion USD in 2025 and expected to reach approximately $135 billion by 2030," Chaturvedi said.
The plant in Mexico will have a capacity of 80 million bags per annum and the capacity will be added in the financial year 2025-26, the company said.
Chaturvedi said in line with the company's commitment to support the government of India's extended producer responsibility legislation, UFlex is investing Rs 317 crore to strengthen its recycling business with significant investments in advanced recycling technologies.
UFlex said the new recycling plant at Noida will have two units to process 39,600 MTPA plastic bottles and mixed plastic waste. The post-consumer recycle PET recycling unit will have a processing capacity of 36,000 MTPA and the MLP unit will have a processing capacity of 3,600 MTPA plastic bottles.
The new capacity will be added during 2025-26, the company said.
"The Indian government has set ambitious targets for the collection, recycling, reuse, and use of recycled content in plastic packaging to promote sustainable packaging, and our enhanced recycling capabilities will empower brand owners to meet their EPR commitments and set a global benchmark in sustainable packaging," Chaturvedi said.
