German packaging major Floter Verpackungs-Service GmbH is setting up the first ever import subsititute packaging unit in India used for the ready-to-eat products.
"We are setting up a packaging unit in Vashi near Mumbai which would produce pouches for the ready-to-eat sector that is currently being imported from Korea by the Indian companies," Floter mangaing director Marc Rapp said here on Wednesday.
The unit promoted by German's fully owned subsidiary Floter India Retort (P) Ltd will be up for commercial production by mid 2006 at an outlay of two million Euros (US$2.36 million). The capacity of the unit would be 1.2 million pouches per day or 400 million per annum.
The company would target all major ready-to-eat majors like ITC Foods and MTR in the country. It will also sell pouches by importing till the local unit is ready to production.
This will be the sixth unit of Floter. The company has five units in Germany, the United States, Ireland and Britain. The total turnover of the company is 23 million Euros and produces 1.3 billion stand up pouches.
India is a major market for Floter.
The share of value added product in the food processing industry is likely to grow from eight per cent to 35 per cent 2025.