Flex eyes Rs 1,000-cr rev from non-plastic packaging prod biz

MUMBAI: Packaging major Uflex, which started manufacturing non-plastic-based alternative innovative packaging solutions to plastic pouches, is eyeing a Rs 1,000-crore revenue from this new product by end-this fiscal.

"We expect an around Rs 1,000-crore revenue from this new product by FY 12 and expect it to increase over the years," Uflex Group President (Finance and Accounts), R K Jain, told PTI here.

The company has already started manufacturing the eco-friendly product and plans to manufacture around 36,000- tonnes per annum to cater to the market demand.

"We plan to manufacture around 36,000-tonnes per annum to garner an around Rs 1,000-crore revenue by end-this fiscal," he said.

The Supreme Court's landmark decision to ban the use of plastic in sachets for storing or selling tobacco, gutka and pan masala came into effect pan-India from March 1 this year.

The packaging major is also eyeing a Rs 4,800-crore revenue from its entire business in FY 12, as against Rs 3,500-crore revenue in FY 11.

"We are expecting an around Rs 4,800-crore revenue by end this fiscal," he said. On top of this, the company is eyeing a Rs 1,000-crore from its non-plastic-based innovative packaging product.