" Venture to bring in investment, product expertise, technology, marketing & processes
" Investment to align Narendra Plastic Pvt. Ltd. in the global arena
Itochu Corporation, Japan, a conglomerate listed in Fortune 500, with total trading transactions of over US$ 95 billion has bought a 30% stake in Narendra Plastic Pvt. Ltd.
Established in 1975, Narendra Group is ISO 9001:2000 certified and one of the largest manufacturer and exporter of plastic packaging products in India. Producing about 20,000 tons of plastic products the company has a diverse portfolio of satisfied customers in India and globally across United States of America, United Kingdom, Germany, Australia, United Arab Emirates, Africa, Mauritius, Panama and Singapore.
The group has consistently received the largest Exporter Award in plastic bags, and is recognized as a STAR Trading House within the Indian Industry. It has production facilities in Daman and is in the process of setting up additional 24,000 MT facility at Uttarkhand and Daman. The group's product range includes all kinds of packaging products processed out of PP, HM-HDPE, LDPE, and BOPP.
"Itochu Corporation, Japan, is one of the most respected business conglomerates in the world. Their profound expertise in International operations will bring a host of processes such as improving Corporate Governance, domain expertise in technology, manufacturing, marketing and a quantum leap in export orders and sales. Their exposure and experience will also strengthen diversification into allied product and service line" commented Mr. Neemit Punamiya, Managing Director, Narendra Plastic Pvt. Ltd.
Mr. Punamiya further commented "The Indian plastic industry has emerged as a giant, employing over 5 million individuals directly and indirectly and has achieved a turnover of INR 55,000 Crore. We hope to see India become the global hub for sourcing plastic products and allied services".
Mr. Punamiya said "Capitalizing on the ever-growing and insatiable demand for plastics and polymers, the demand for packaging products in the retail sector is poised to grow by 100% per annum. The factors driving this growth and demand for plastic packaging could be directly attributed to the current industry trends that can be witnessed in the booming Indian economy"
The Narendra Group is India's prominent plastic bags manufacturer. The group manufactures packaging products processed out of PP, HM-HDPE, LDPE, and BOPP. The group is a privately held entity presided over by Mr. Neemit Punamiya - Managing Director. Narendra Plastic Pvt. Ltd has work force in excess of 600 employees. The group has adopted a host of social initiatives to show its solidarity towards pollution control and community relations.