JK Paper to Invest INR 150 Crore to Set up Corrugated Packaging Paper Plant in Punjab
JK Paper will be investing around INR 150 crore to set up a corrugated packaging paper manufacturing unit at the Cycle Valley in Ludhiana.
According to the media reports — JK Paper has been allotted a land at the Cycle Valley in Ludhiana to set up a state-of-the-art corrugated packaging paper manufacturing unit with a planned investment of INR 150 crore.
The new plant is expected to come on-stream in December 2022.
Welcoming the JK Group on its entry into the state of Punjab — Chief Minister Mr. Amarinder Singh pledged JK Group of his government’s full support for the endeavor and expressed hope for further investments.
JK Paper, one of India’s leading paper producers, has joined the ranks of other paper manufacturers trying to expand their market offers, particularly in corrugated packaging. The COVID-19 pandemic has led in a huge increase in demand for corrugated packaging in India, as it has in other countries throughout the world, especially as e-commerce begins to flourish with huge demand for paper packaging.
JK Paper will initially source waste paper from various regions of the country and then deliver finished goods, such as corrugated packaging paper, to enterprises in Punjab and surrounding states. It would also assist Punjab accomplish its environmental goals by boosting the state’s waste paper industrial ecosystem.
With this new investment— the Punjab government is sure that the local industries will benefit from the presence of JK Paper’s unit in the state since they will be able to source packaging materials from within the state, improving their cost competitiveness. In addition, the majority of the manufacturing will be consumed in the state, boosting the state’s GST earnings.
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Mr. Harsh Pati Singhania, Vice-Chairman and Managing Director, JK Paper Ltd., expressed gratitude to the Chief Minister for the state’s industrial ecosystem, forward-thinking industrial policies, and welcoming business environment, which influenced their decision to invest in Punjab.
Punjab, due to its pro-investor industrial policy and lucrative incentives, has now emerged as the most preferred investment destination in the country.
Desc: JK Paper will invest around INR 150 crore to set up a state-of-the-art corrugated packaging
paper manufacturing unit in Punjab.