Radha Madhav to issue 10m USD FCCB for phara packaging project

Mumbai, Apr 19 (UNI) Packaging industry major Radha Madhav Corporation Limited (RMCL) is contemplating a USD 10 million FCCB issue to part-fund its Rs 60-crore pharma packaging project at Uttaranchal, scheduled to commence commercial production this fiscal.

The company has also issued 1.8 million of its equity shares to India Star (Mauritius) Limited, a release today said.

With pharma packaging emerging as the second largest segment demand-wise after food packaging, RMCL plans to target this segment with its packaging solutions.

''There are about 800 pharmaceutical companies in Uttaranchal and Himachal Pradesh and our facility will target these companies,'' said RMCL CEO and Managing Director Mitesh Agarwal.

The unit would manufacture around 18,000 metric tonnes of film per annum of PVC calendared sheets used for blister packaging in pharmaceuticals industry, stated the release, adding that the company is also mulling putting four station coating machine to coat PVdC over PVC blister with an installed capacity of around 15,000 metric tonnes per annum which will be one of the largest in the country.

UNI JJ PP SKB1848