#Oricon to set up 100-crore facility for packaging products in #Odisha

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#Oricon to set up 100-crore facility for packaging products in #Odisha
Oricon Enterprises Ltd (OEL), the flagship company of Parijat Enterprises that is in marine logistics, packaging, petrochemicals and automobile dealership, will invest Rs 100 crores to build a manufacturing facility in Odisha for packaging products. “The company announced to create new facility at an investment of Rs. 100 crores in two phases in the State of Orissa. This facility will be used to manufacture new packaging products. The project will be funded from internal accruals,” said the company officials.

As part of its strategy to consolidate its presence in the Indian caps & closures market, the company has been adding capability by raising the production. Oriental Containers Ltd, a wholly-own subsidiary of OEL, recently completed expansion of its plastic closures manufacturing capacity, which involved investment of Rs 35 crores, at Murbad in Maharashtra. This expansion has added a capacity of 1.2 billion closures per annum, taking the total installed capacity to over 8 billion per annum – highest in India.

Commenting on the new initiatives and successful completion of Murbad expansion, Rajendra Somani, managing director, Oricon Enterprises Ltd, said, “We are excited about the opportunities India is presenting in the plastic and packaging space. With evolving applications in the industry, the caps and closures segment is poised to grow significantly in the future. Oricon has been at the forefront in this segment and with these initiatives we will strengthen our leadership position in the Indian plastics and packaging space and be a preferred supplier to our customers.” src Business standard

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