Manjushree Technopack, a Bangalore-based plastic packaging company, is planning to set up two new PET bottle manufacturing plants at Bangalore to be commissioned by 2012. Currently, the company has got two manufacturing plants in Bangalore with 40,000 tonne per year capacity and with addition of these new plants the total production capacity would increase to 50,000 tonne per year.
Both the plants to be set up would come with an investment of Rs 150 crore. For this the company has already raised Rs 92 crore from State Bank of India while the rest would be funded through internal accruals.
The company recorded a turnover of Rs 216 crore and a net profit of Rs 15 crore. It has been growing 40 per cent year-on-year and hopes to retain the same growth rate in the coming years. By next year the company expects Rs 300 crore in revenues and net profit of Rs 22 crore.
The PET bottle industry in India is 400,000 tonne and is growing at 20 percent year-on-year, whereas the beverages and bottled water industry is growing at 25 percent.
Manjushree Technopack is a packaging solution provider, providing its customers with cutting edge plastic packaging solutions. The company enjoys a preferred supplier status in regard to the Specialty Plastic Containers, which are marketed under the brand name of ‘POLYPET’ predominantly to MNC’s.