The US-based packaging major MeadWestvaco Corporation on Tuesday said it will invest $184 million (Rs 1,000 crore) to expand the company’s presence in industrial packaging and triple its sales in India. The US major, which signed a MoU with the State Government recently, said the investment will be over the next three to five years in the packaging and paperboard industry in India, and create 800 jobs in this industry. The investment includes the purchase of Vapi-based Ruby Macons Ltd, and plans to expand the current production at the facility with the installation of a new paper machine to manufacture new paperboard products and grades.
The expansion is already underway and should increase the production starting in 2013, John Luke, Jr, Chairman and Chief Executive Officer, MeadWestvaco, said in a statement here. In November 2011, MeadWestvaco had announced the acquisition of Ruby Macons Ltd, a market leader in corrugated packaging materials in India, as part of the company’s growth strategy, including its emphasis on growth in emerging markets. This will expand the company’s presence in industrial and agricultural packaging in India, which already includes a converting facility in Pune making rigid, humidity-resistant corrugated packaging for fresh fruits and vegetables, consumer goods, household appliances and pharmaceuticals.
-Hindu Business Line