UFlex to build USD 117.7m packaging films plant in Azerbaijan
Indian packaging group UFlex has signed a Joint Participation Agreement with the Azerbaijan Business Development Fund to build a packaging production facility in the Alat Free Economic Zone, valued at USD 117.7m. The project will run through newly formed Flex Films AZB AFEZCO on a 4.7-hectare plot, with planned annual capacity of 60,000 tonnes. The agreement was signed at the Second Azerbaijan International Investment Forum with the Azerbaijan Business Development Fund and the Azerbaijan-Uzbekistan Investment Company.
Why this mattersThe investment extends UFlex's international films footprint into the Caucasus and gives the group an export base serving regional markets.
- Project value stated at USD 117.7 million
- Site is a 4.7-hectare plot in the Alat Free Economic Zone, Azerbaijan
- Planned annual production capacity of 60,000 tonnes
- Project vehicle Flex Films AZB AFEZCO has been established for execution
- Agreement signed with Azerbaijan Business Development Fund and Azerbaijan-Uzbekistan Investment Company at the Second Azerbaijan International Investment Forum
- UFlex's international assets are managed through Flex Middle East FZE
Sources
en.elchi.az