"Accordingly, a co-located facility will be set-up by the company at Panipat to cater to their demands,” Mold-Tek Packaging said in a statement.

It further informed that the new facility is expected to be set up and operational by the end of calendar year 2023 and shall call for an investment of Rs 30 crore approximately.

The company also propose to set up Food and FMCG IML container manufacturing facilities in Panipat to capture demand for these products in Northern India.

Moldtek Packaging is involved in manufacturing injection moulded decorative packaging containers, mainly pails (cylindrical containers) for paint, lube, food and other products. The company has manufacturing facilities at multiple locations in India, with combined capacity of 45,000 MTPA.

The company's net profit increased by 80% to Rs 21.71 crore on a 55% rise in revenue to Rs 207.83 crore in Q1 FY23 over Q1 FY22.

The scrip fell 1.42% to currently trade at Rs 876.20 on the BSE.