Mumbai: Uflex Ltd said on 10 September it will set up a greenfield project with a capital outlay of $91 million at Mexico for manufacturing polyester film.
The Mexico project would mainly cater to the American markets with better reach and service to the customers.
It would be carried out in phases to build up the capacity to 52,800 tpa, the polyester film manufacturer said in a filing to the Bombay Stock Exchange.
Further, the 100% subsidiary of Uflex Ltd, Flex Middle East EZE (FME), has commissioned its second line of polyester film production, the company added.
With this additional capacity of 26,400 tpa of polyester film from second line, the total capacity would aggregate to 44,400 tpa at Dubai, FME would be able to enhance its revenues to $120 million.
FME’s existing revenues stood at around $45 million and earn profit of around $20 million against existing profit of about $8 million.
“Coupled with these, Uflex aims to grow its revenues and profits and enhance values in every respect,” the company added.
Shares of the company were trading at Rs195, up 3.92% on BSE in morning trade.