Mold-Tek to set up plant in Dubai

Hyderabad: Mold-Tek Packaging Limited, a city-based plastic packaging products manufacturer, is planning to set a manufacturing facility in Dubai, UAE, besides expanding its presence in North India by establishing a new plant there. "At present, we have seven plants and three stock points across India. However, in order to increase our presence in India and abroad, we are planning to establish these new plants" J LaxmanRao, Chairman and Managing Director, Mold-Tek, said here. The company currently enjoys 20 per cent market share in plastic packaging products space with total business last fiscal reaching Rs 215 crore. "We expect the turnover to cross Rs 260 crore this fiscal and reach Rs 500 crore within next three years," he added. For achieving that kind of growth, the company is betting big on food and FMCG sectors. Recently, the company received two Emerging India 2013 awards � SME of the Year and Tech-Savvy SME � from ICICI Bank. "We are delighted to have been chosen for these awards, from close to 100, 000 SME applicants, which have been filtered by Crisil," said Laxman Rao.