Mold-Tek's new facility in Panipat to be ready by 2023
Mold-Tek Packaging Limited (MTPL), a Telangana-based manufacturer of injection moulding containers have announced the inauguration of a new facility in Panipat by the end of 2023. The company has clients like Asian Paints, Akzo Nobel Nerolac, Castrol, Shell, Amul, Unilever and Cadbury amongst others.
02 Dec 2022 | By Disha Chakraborty
In a statement released by MTPL, the company stated that a co-located facility is anticipated to be functional by the end of 2023 at Panipat. The new facility will incur an investment of around Rs 30-crore.
MTPL is a manufacturer of injection moulded containers for paints, food, lube and other products and has established seven processing plants and three stock points to secure efficient supplies across the country. All of these units are ISO certified. Along with an injection moulding capacity of more than 20,000 TPA, it also has an in-house tool room with premium German machinery to design and develop intricate moulds.
Established in 1985, MTPL is one of the leading players in rigid plastic packaging and boasts to be the first company in India to launch in-mould labelling (IML) in 2011. Reports state that the IML revenue share for FY22 is 67% as against 65% last year. And IML volume share for FY22 is 63% as against 61% last year.
The global packaging industry is expected to breach the USD 1,275 billion mark by 2027; out of this; the global rigid plastic packaging industry is expected to notch up USD 270.6 billion by 2028; this is a CAGR of 4.7%. A capex of Rs 125 crore is planned for FY23, after which the capacity will become 54,000 tonnes from the existing 45,000 tonnes.
MTPL has 10 manufacturing locations with a current installed capacity of 45,000 tonnes PA. The company’s board meeting and quarterly review has highlighted that the numbers for the Lube-Pack business continued to move ahead on its high growth trajectory with 26.57% volume growth and food and FMCG recorded 40% volume growth.
As per an industry insider, MTPL is entering into a new segment of injection blow moulding (IBM) which will provide the Hyderabad headquartered company an advantage in the manufacture of pharma bottles. Plus there is a new plant at Daman which is expected to produce IML containers for the food & FMCG segment.
The company has been recently awarded by the Grasim Industries- Birla Paints Division for supply of packaging material.