Launch of Joint venture - Time Mauser Industries Ltd
January 18, 2006 Time Packaging Limited is happy to announce the formation of a 50:50 Joint Venture with MAUSER-WERKE, Germany for the manufacture of Intermediate Bulk Containers at Daman with an initial investment pegged at Rs 20 Crore. The joint venture will have an equity base of Rs 10 crore, while the rest will be in the form of debt from financial institution and banks.
This will be the first facility in the country for manufacture of Intermediate Bulk Container with a capacity of one lakh units. IBCs, having a capacity of 1000 litres, are used for transportation and the storage of chemicals, detergents, lubricants and additives. TPL has been importing IBCs in India for the last few months." In many countries in the west, IBCs are considered the only acceptable form of packaging for moving chemicals, which are often hazardous.
To cope with the norms , around 7,000 IBCs were imported last year by the company to meet packaging needs of exporting chemical companies.