Shrinath Flexipack to set up Rs 113,75 cr factory in Abu Dhabi
Telangana-based manufacturer of plastic packaging materials, Shrinath Flexipack, has finalised an agreement to invest Rs 113,75 crores on a greenfield site within Khalifa Industrial Zone’s (KIZAD) Polymers Park in Abu Dhabi.
10 Apr 2020 | By Abhishek Muralidharan
This will be the company’s first factory in the Middle East. Thus, it will enable the company to serve its clients in the region, while also enabling the company to expand its reach into African and European markets.
Ashish Malani, CEO, Shrinath Flexipack, said, “We anticipate great success in Abu Dhabi, and we appreciate KIZAD’s support in helping us set up and connect to its integrated polymer-centric logistics hub. Our presence here, emphasises our determination to strengthen and expand our offerings and ensure our business breaks into new markets.”
The factory is expected to produce up to 30,000 metric tonnes of plastic goods per annum. It is also set to employ modern European extrusion lines to produce stretch and cling films.
Khalid Al Marzooqi, director commercial, KIZAD, said, “The setting up of a facility for a packaging company such as Shrinath Flexipack in the KIZAD Polymers Park, shows the true value of our cluster-based approach which enables companies within the zone to benefit from each other’s products and services in close proximity, leading to lower cost of production, faster production cycles, and quicker shipment to market.
“Having swift access to key raw materials from within the KIZAD Polymers Park and the ability to ship faster to market thanks to the world-class infrastructure available here. It is a major advantage to companies such as ours,” added Malani.
According to Marzooqi, KIZAD’s multimodal connectivity including Abu Dhabi Ports’ flagship deep-water port, Khalifa Port, will be a boon for Shrinath Flexipack, which plans to export and import out of Abu Dhabi. “The benefits and ease of setting up, combined with our ability to offer the region’s lowest utility rates ensure KIZAD is the ideal location for a business to grow and succeed,” said Marzooqi.
Shrinath Flexipack is part of the Shree Group of Industries, which employs more than 1,200 workers and clocks annual sales of up to Rs 1138 crores.