By 121 News
Chandigarh 09th May:- Max Speciality Films Limited (MSFL), one of India's leading manufacturers of BOPP packaging films, launched its fifth BOPP films manufacturing line (Line 5) here today thus significantly increasing its capacity from 46.35 KTPA to 80.85 KTPA. The new line was launched at a special inaugural ceremony by Manpreet Singh Badal, Finance Minister, Punjab.
MSFL's Line 5 is designed to meet trends for recyclability, ultra high barriers and print receptivity. The line will be able to manufacture thicker films with advanced properties making it environment-friendly since it is conducive to recycling and reducing the usage of plastic per pack.
The launch of Line 5 is the second significant growth initiative undertaken by Max Ventures and Industries Limited (MaxVIL) (BSE: 539940 | NSE: MAXVIL), through MSFL, within the last one year as part of its ongoing effort to rejuvenate the manufacturing business. In February 2017, the Company had brought in Japan's Toppan Printing Co. Ltd. (Toppan), as a strategic investor and partner in MSFL to share their expertise in managing a global speciality films business, as well as, leveraging their global sales network. As part of the partnership, Toppan had invested approximately INR 198.78 crore, through a combination of primary and secondary share issuance for 49% equity share in MSFL.
Speaking on the occasion, Manpreet Singh Badal said that the Max Speciality Films facility is one of the oldest in the region, but also one of the most modern. Over the past 3 decades, the facility has built a sound and sustainable ecosystem in its neighbouring areas, creating jobs and contributing generously to local communities as part of its CSR efforts. It also serves as a model for worker welfare and maintaining a cordial work environment. Industry needs to play a proactive role in the development of Punjab and this new facility is a welcome step. He convey his best wishes to the Max Group on their new facility and hope that they will continue to contribute towards the upliftment of their catchment.
Sahil Vachani, Managing Director and CEO, MaxVIL said that at MaxVIL, it has been our consistent endeavour to reinvigorate the manufacturing business, especially against the backdrop of the Government's 'Make in India' thrust, and help differentiate it through strategic innovation in an increasingly crowded and competitive market. MSFL is among the leading manufacturers of value-added BOPP films in India, fulfilling the requirements of some of the world's most popular clients. Armed with an augmented production capacity and Toppan's expansive global sales network and technological capabilities, he believes MSFL will greatly benefit from the resulting economies of scale.
Ramneek Jain, CEO of Max Speciality Films said that with the introduction of Line 5, we expect to benefit from a reduction in our cost per unit. Further, the versatility of the layout will accelerate the expansion of the company's portfolio of specialty films across two key business areas: packaging and labeling.
MaxVIL is one of the three listed flagship companies of the Max Group, and is promoted and founded by Analjit Singh. MaxVIL was incorporated in 2015. In FY 2016, the Board of Directors of Max Financial Services Limited (erstwhile Max India Limited) approved a corporate restructuring plan that resulted in the demerger of the various business verticals of Max Financial Services Limited, through a scheme of demerger ("Scheme of Demerger"), into three separate listed companies: Max Financial Services Limited, Max India Limited (erstwhile Taurus Ventures Limited) and MaxVIL.
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