AGI Greenpac CEO Rajesh Khosla at the company’s specialty glass plant in Bhongir, near Hyderabad, on Wednesday.
| Photo Credit: N.Ravi Kumar
Packaging products company AGI Greenpac will invest ₹230 crore on modernisation of furnaces, cutting-edge technologies and on de-bottlenecking measures to ramp up production in Telangana amid a growing demand for glass packaging solutions.
The investment is expected to enable the company to better serve both domestic and export market for high-quality glass packaging solutions, CEO Rajesh Khosla told media persons at AGI Greenpac’s specialty glass plant in Bhongir, near Hyderabad, on Wednesday.
With a daily production capacity of 154 tonnes, the ₹400 crore specialty glass plant became fully operational in January 2023 and caters to a clutch of industries, from cosmetics, perfumery, candle jars and premium alcohol beverage segments.
A small portion of the proposed ₹230 crore will be on the new plant and the rest will be infused into other glass manufacturing facilities, he said. Besides glass containers, the company is into various packaging product manufacturing, including polyethylene terephthalate (PET) bottles as well as security caps and closures. Its packaging products division has seven plants across Telangana, including in Hyderabad, and Uttarakhand and Karnataka.
The global glass packaging market is expected to grow from $67.28 billion in 2024 to $93.69 billion by 2032. AGI Greenpac, with estimated revenue of more than ₹2,400 crore in FY24, is actively exploring export opportunities in the Middle East and Europe, following the establishment of a strategic export channel in the U.S., the company said.
To queries, Mr. Khosla said glass packaging solutions business, including exports, contribute to more than 90% of the company’s revenue and this is only expected to increase in the face of the growing customer demand.