New Delhi, May 16 (IANS): Max Ventures & Industries Ltd's (MaxVIL) subsidiary Max Speciality Films Ltd (MSFL), which manufactures specialty packaging films, will invest up to Rs 50 crore in a new CPP (Cast Polypropylene) line which will have a capacity of 7.2 KTPA (kilo tonnes per annum).

The new CPP Line expansion will be funded entirely through internal accruals, said a company statement. Work on the capex will commence in Q2FY22 and is expected to be commercialised in Q2FY23.

Demand for CPP films has been robust and expanding the capacity will enable MSFL to cater to the growing market for such films. Apart from robust demand these films enjoy, they will also further enhance the sustainability factor of MSFL as these films are easier to recycle.

From the onset of FY21, MSFL has witnessed robust demand for its packaging films which have continued to improve quarter on quarter leading to strong revenue and profitability growth. This demand is led by increasing preference of customers for packaged products as hygiene and safety has become the priority during this pandemic.