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September, 2006 Pragati Maidan, New Delhi, India |
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Hindustan Tin Joins Hand with Rexam
Hindustan Tin Works has entered into a joint venture with UK-based consumer product packaging firm Rexam to set up a beverage can manufacturing facility in Mumbai. The company is looking to investment Rs 90 crore in the project. `The plant would be the first beverage can manufacturing facility in India and would cater to the needs of soft drink and beer manufacturers who are still dependent on imported cans,` said Sanjay Bhatia, MD, Hindustan Tin Works.
Hindustan Tin would hold 49 per cent in the joint venture company– HTW Beverage Can India Pvt Ltd, while Rexam, with 51 per cent stake, would be the majority partner. However, the name of the new entity would eventually be changed to Rexam Beverage Can (India). The facility, having a manufacturing capacity of 450 million cans per annum, would start commercial operations by the year end. `This is our first foray in the south east Asian market and going by global growth indicators, India had always been poised to be our preferred choice,` said Richard Peachey, Asia Vice President, Rexam Beverage Can Europe.
The JV company is in talks with beverage and beer manufacturers like Pepsi, Coca-Cola, United Breweries and SAB Miller to supply cans. The company is targeting to sell 50 million cans this fiscal and plans to supply 250 million cans in 2007-08. Besides meeting domestic demands, the JV company would also tap the export market in SAARC nations.
Date: 03-Jun-2008
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