Cosmo Films announces BOPP expansion & 1st interim dividend of Rs 25
Cosmo Films, a global leader in films for packaging, labeling, lamination, and synthetic paper and an emerging player in specialty chemicals, polymers and petcare, announced expansion by setting up the world's largest BOPP film production line at Aurangabad with an annual rated capacity of 67,000 MT. The BOPP line will require an investment of about Rs 350 crores to be funded through internal accruals and debts and is expected to be commencing commercial production within FY 2024-25.
Backed by strong financial performance, the company has also declared its first interim dividend of Rs 25 per share for FY2021-22.
Commenting on the company's performance Pankaj Poddar, chief executive officer, Cosmo Films, said, "With current capacity expected to produce specialty films (80%+) primarily in next two years and projected BOPP film demand growth in India, the Company planned capacity expansion which will be world's largest production line with an annual rated capacity of 67,000 MT with the lowest cost of production."
"The company has also recently launched ZIGLY – India's first tech-enabled integrated pet-care platform – through the launch of its website www.Zigly.com and the opening of its flagship experience center in New Delhi. Other growth plans that is specialized BOPET line, focused towards growing specialty sales, expanding into Cosmo Specialty Chemicals are progressing well in line with the plan."