Piramal Glass to invest Rs 100 cr in greenfield project
Mumbai, Feb 16 (PTI) Piramal Glass Ltd (PGL), aleading glass container manufacturer, today said it willinvest Rs 100 crore towards capacity expansion at its Jambusarunit in Gujarat.
PGL plans to add 160 tonnes per day (TPD) capacity atits Jambusar plant through a greenfield project, which islikely to be completed by FY 12, the Piramal Group firm said.
"We will focus on high margin cosmetic and perfumerysegment (C&P). We have decided to increase our production inthe segment as the business contributed around 32 per cent tothe total sales in Q3 FY11," PGL Managing Director Vijay Shah,the company said in a release here.
Further, the company has proposed to transfer 75tonnes of its current capacity in the pharmaceutical segmentto the C&P business. It also plans to streamline its globaloperations in the countries like USA and Sri Lanka.
Accordingly, PGL has proposed to bring down its sixpharmaceutical production lines to four by the end of thisfiscal in the US, where the company will be concentrating onlyon speciality food and beverage bottles.
"Our unique product-mix with a focus on C&P is drivingour growth and overall profits. We will continue with thisgrowth momentum and we are sure that the proposed expansionwould help us end the year on a high," Shah said.
"The company expects to clock a 26 per cent growth inits C&P business and envisages to post 16 per cent growth inits total sales between FY 11 and FY 13," he said.