India-based Dynaflex has announced plans to invest Rs250m ($5m) in a bid to expand its security tamper evident packaging product manufacturing plant near Vadodara, Gujarat.
According to Dynaflex, the latest investment will enable the company to increase its focus in India.
The company plans to expand its security and tamper evident packaging product manufacturing capacity to over two million from the existing 500,000 in next couple of years.
Dynaflex director Gaurav Vora told Business Standard that the company has been offering its packaging solutions to only government agencies such as the regional passport offices.
"However, we see huge potential in the pharma industry with drug makers looking to offer their products in a safe and secure manner," Vora said.
Dynaflex expects to grow to Rs1200m ($23m) revenue by financial year 2015-16 from an estimated turnover of Rs320 (6.1m) for the fiscal 2012-13, post expansion.