HTW to invest Rs 100 cr in beverage cans plant

New Delhi, Sept 3: Shareholders of Hindustan Tin Works Ltd (HTW) have approved investment of up to Rs 100 crore for the establishment of a facility to manufacture two-piece beverage cans.

Last month, the company announced a joint venture agreement with Rexam Beverage Can (India Holdings) Ltd, a part of world's leading consumer product packaging company Rexam plc, for setting up the facility.

It had also announced an initial investment of Rs 90 crore to establish Rexam's first such facility in South-East Asia.

In its Annual General Meeting, held on September 1, 2006, the shareholders of the company also announced the sale/transfer of asset(s) and/or capital work in progress, including equipments situated at its Taloja unit in Mumbai, to the two-piece can project, a company statement here said.

The shareholders inter-alia also apporved payment of divident at 12 per cent for the financial year 2005-06.

Besides the plant in Mumbai, HTW is also setting up a faciltiy in Himachal Pradesh which will be operational in the current fiscal.

Hindustan Tin Works is a premier can manufacturer in India. It has a client base that includes Nestle, Tata Coffee, Aisan Pains, UB Global and Wockhardt.

Rexam has an average annual sales of six billion dollars and has over 100 plants worlwide.

UNI