Cogent Glass
factory was inaugurated its Rs 200 crore new manufacturing plant in
Mahabubnagar district which will significantly ramp up its production capacity
in the country.The
facility, built with an investment of more than Rs 200 crore, has production
capacity of one million pieces per day for Type I moulded vials and half
million pieces for tubular containers, the pharmaceutical glass manufacturing
firm said a company release.
Chief
Minister K Chandrashekar Rao inaugurated the plant on Thursday in the presence
of senior government functionaries and CEOs of leading pharmaceutical
companies, the release added.The plant is
expected to provide direct jobs to 450 people and indirect employment to
another 1,000.
The company
is proposed to expand the capacity in a couple of years to take the total
employees by 1,000, officials said.At present,
Telangana plant produces about 1.5 million glass vials to cater to the
pharmaceutical industry. The industry is growing at 17 per cent per annum. The
pharma packaging industry in India is estimated to be worth Rs 1,100 crore.
The
Hyderabad-headquartered glass company was acquired last year by Oaktree Capital
Management, a Los Angeles-based investment firm managing over $80 billion in
assets and several investments in the packaging sector.
