Aurangabad, Sep 2 (PTI) Packaging products maker Cosmo Films on Wednesday said it will invest Rs 300 crore to set up a new line of speciality polyester films at Aurangabad.

In a regulatory filing, the company said it plans to set up a new line of specialty polyester films (Biaxially-Oriented Polyethylene Terephthalate or BOPET) by the second quarter of 2022-23.

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"The new line will be commissioned at the Waluj plant site in Aurangabad, Maharashtra with capacity of 30,000 MT (metric tons) per annum," the filing said.

The company will use 20 acres of land at the Waluj area of Aurangabad for this expansion, Senior Vice President of Cosmo Films (Aurangabad) Sanjay Chincholikar told PTI on Wednesday.

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Aurangabad, which is known as auto hub because of presence of groups like Bajaj Auto and Skoda, will soon be able to see an expansion of a polyester film company here.

As the company is into making packaging material, the unit of Cosmo Films was not shut even during lockdown.

Looking after the market situation, the company has decided to commence work of this new unit and it will be completed in the next two years.

The product of this plant will be available for Indian as well as foreign markets, Chincholikar added.

The proposed expansion will manufacture its product for Indian as well foreign markets, the official said.

BOPET films offer high tensile strength, chemical and dimensional stability, transparency, reflectivity, gas and aroma barrier properties and electrical insulation.

Shares of Cosmo Films on Wednesday rose 4.70 per cent to Rs 397.60 apiece on the BSE.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)