ABU DHABI, (Pakistan Point News - 05th Apr, 2020) India’s leading manufacturer of plastic packaging materials, Shrinath Flexipack, has finalised an agreement to build its first factory in the middle East at Khalifa Industrial Zone in Abu Dhabi, KIZAD.
In a press statement, KIZAD noted an investment of AED55 million (US$15 million) will allow the Hyderabad plastics player to set up on a greenfield site within KIZAD’s Polymers Park, enabling the production of 30,000 metric tonnes of plastics per annum.
KIZAD Commercial Director Khalid Al Marzooqi said that the setting up of a packaging company, like Shrinath Flexipack, "shows the true value of our cluster-based approach which enables companies within the zone to benefit from each other’s products and services in close proximity, leading to lower cost of production, faster production cycles, and quicker shipment to market."
Shrinath Flexipack is part of the Shree Group of Industries, an Indian supply chain, logistics and warehousing group with operations in flexible packaging, masterbatches, poly bags, stretch and speciality films, laminated woven sacks, and pharmaceutical products.
Once in operation, the new factory is expected to use "ultra-modern European extrusion lines" as part of a high-volume plastics manufacturing process to produce stretch and cling films.
Serving as the largest producer of polyethylene stretch and cling films in India, Shree Group of Industries employs more than 1,200 staff and reports annual sales of up to US$150 million.
