Uflex to invest Rs1,700 crore in Uttar Pradesh
New Delhi: Packaging solutions firm Uflex Ltd plans to invest Rs1,700 crore to enhance its manufacturing capacity and set up a solar power 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 Rs500 crore towards the project,” Uflex Ltd chairman and managing director Ashok Chaturvedi said ahead of the Uttar Pradesh Investors’ Summit 2018.
Chaturvedi said the company also plans to invest Rs1,200 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 Rs1,200 crore. Electricity thus produced will be used for captive consumption and the surplus shall be supplied to state or national grid,” he added.
Uttar Pradesh Investors’ Summit 2018 scheduled to be held on 21-22 February 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.
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