Moneycontrol Bureau
Shares of Uflex surged 8 percent intraday Tuesday as the company is in process of setting up aseptic package plant at Sanand in Gujarat with capex of Rs 580 crore in first phase.
The company said Sanand project is proposed to be operational by April 2017 and will employ around 250 people in first phase.
Completion of all phases of this project will require total investment of Rs 1,500 crore and will provide employment to approximately 3000 people, it added.
The country's largest flexible packaging company already has manufacturing facilities at Noida, Jammu and Malanpur.
"This new business initiative of company would also provide much needed packaging solution alternative to businesses dealing in liquids like milk, dairy products and non-aerated drinks among other products," RK Jain, group president said.
At 14:56 hours IST, the scrip of Uflex was quoting at Rs 166.80, up Rs 8.60, or 5.44 percent on the BSE.Posted by Sunil Shankar Matkar
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