Packaging solutions firm Uflex plans to invest Rs 1,700 crore to enhance its manufacturing capacity and set up a solar project in Uttar Pradesh.
“We have ambitious plans to substantially enhance our manufacturing capacity for flexible packaging in the next few years. For this … we endeavour to invest Rs 500 crore towards the project,” Ashok Chaturvedi, Chairman & Managing Director, Uflex Ltd was quoted by PTI as saying.
According to a PTI report: Chaturvedi said the company also plans to invest Rs 1,200 crore to set up a solar project.
“As a Group we lay a lot of emphasis on environmental sustainability in all our business processes therefore we propose to set up a solar project on 300 acres of land with an investment of approximately Rs 1,200 crore. Electricity thus produced will be used for captive consumption and the surplus shall be supplied to state or national grid,” he was further quoted by PTI as saying.
Uttar Pradesh Investors’ Summit 2018 scheduled to be held on February 21-22, 2018 in Lucknow.
Both the proposed projects together are expected to generate employment for 750 people at various levels, the company said.
Headquartered in Noida, Uflex has manufacturing facilities in India, the UAE, Mexico, Poland, Egypt and the US.