UFLEX plans for business expansion by investing $250m to strengthen its stand in the global markets.
UFLEX, one of the leading flexible packaging companies in India, plans to invest more than $250m for the next two years, to strengthen its presence globally and consolidate its position in the domestic market.
Ashok Chaturvedi, chairman and managing director of UFLEX, said at its Dubai plant: “We are setting up new units across the globe, primarily to cater to the global market. Our target is to have one billion dollar turnover by the year 2013.”
“We have tried that in the past and we are ready to explore the possibilities further across the globe. Meanwhile, we are expanding our existing capacity of production.”
The company may also acquire units across the word.
UFLEX having three manufacturing units in India, one each in Mexico and Dubai, is likely to start production in Egypt soon . The second phase of the Egypt units is expected to be commissioned in the third quarter of financial year 2011-12.
The current annual revenues of UFLEX are more than $646m. UFLEX is listed on both BSE and NSE in India.
Chaturvedi also added: “In a bid to cater to the growing demand in the US, Canada and Mexico, we have decided to further expand the capacity of our Mexico plant also. This expansion will be complete by June 2011.”