Mitsu Chem Plast Limited (Mitsu) (BSE:540078), One of the largest manufacturers of Blow Molding, Injection Molding and Customized Molding plastic packaging products, announced capacity expansion and launch of new product to drive future growth.
The Company is diversifying it's portfolio by launching a new product viz. Pail Containers to cater to the lubricant, paints, ink, Food (FMCG) industry. Therefore, the new capacity addition has enhanced the capacity by 1,650 MTPA from the existing 23,377 MTPA. The cost of machinery, molds and ancillaries for the project is Rs 6.14 crore which is financed by a Non-Banking Financial Company by way of an unsecured loan. The Pail Containers is proposed to be launched in the domestic market to meet the rising demand from the user industry.
Mr. Jagdish Dedhia, Chairman of Mitsu Chem Plast Limited said, "Mitsu is known for quality and customized products. At any point of time, we are ready to leverage the opportunity. As we see the demand for plastic pails is increasing, we have strategically decided to augment the capacity to suit product diversification. This will widen our product portfolio and strengthen our position in plastic packaging."