Mold-Tek Packaging to set up two new plants for Asian Paints

Mold-Tek Packaging has received a Letter of Intent for setting up 2 new plants to supply paints to the upcoming new plants of Asian Paints. The capacity of the company's plants will start at 3500 tons of polymer processing per annum in 2019 and would reach 14000 tons per annum in 2024, subject to their pricing, service & quality.

Mold Tek Technologies’ revenue has declined by 3.28 per cent to Rs 276 crore in FY16 as compared to previous fiscal. The company’s EBITDA too has risen by 15.59 per cent to Rs 45.79 crore in FY16 on a yearly basis. Its net profit has boosted by 42.86 per cent to Rs 24.1 crore in FY16 as compared to previous financial year.

The share price of the company has increased by 5.22 per cent on bourses in early trades and is trading at Rs 189.75 on an intraday basis.

Mold-Tek Packaging is involved in the manufacturing of plastic packaging containers. The company is engaged in the manufacturing of rigid plastic packaging containers through Injection molding technology for paints, lubes, oils, foods, fast-moving consumer goods (FMCG) and other sectors. It has approximately 10 plants and 3 stock points spread across India.