Prakash Industries Ltd has announced the completion of its Flexible Packaging Project at Kashipur (Uttarakhand). The trial productions have already started and commercial production is likely to commence from next week onwards.
The flexible packaging plant will be manufacturing high performance barrier films and laminates that find application in packaging of food, beverages, oil, personal care and pharmaceutical products. This plant has been set up adjacent to the existing PVC Pipes & Fittings Plant at Kashipur (Uttarakhand).
The Company is in the process of demerging its PVC Pipes & Fittings business. The Flexible Packaging business will also form part of the resulting company. The Shareholders, Secured Creditors and Unsecured Creditors of the Company have given their consent to the scheme at the meetings convened on 2nd June 2018. Further required approvals to the scheme are in due process.
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