Sri City, January 28, 2018:- M/s Redstar Plastick Private Limited inaugurated its production unit in Sri City on Sunday. Mr. Parameswaran, AGM of Karur Vysya Bank administered the ceremony and declared the unit inaugurated, in the presence of a host of dignitaries.
Welcoming the guests, Mr. Kanishka Karthikeyan, Managing Director of the company said,”Our parent company has been in the manufacturing of PVC edge banding tapes, which are import substitute products, for the past 8 years, and is currently the market leader with over 30% market share in the country. As part of our expansion we are locating this plant under a new banner here in Sri City.”
Mentioning about the prime reason for preferring Sri City Mr. Karthikeyan said,” Our power requirement is high, and the supply should be consistent and uninterrupted. The power situation in Andhra Pradesh made our decision easy. Once we decided on AP, we preferred Sri City for the following reasons – ease of setting up, proximity to chennai and the support from Sri City management.”
Commenting on the occasion, Mr. Ravindranath Sannareddy Founder Managing Director, Sri City said, “We are glad that yet another client company goes on stream. Their parent company’s products are used widely across the furniture industry in the country. I am sure with the new plant, the company will increase its market share within the country and outside as well.”
The unit, set up at an initial investment of Rs.10 crores, will create job opportunity for about 100 persons. The plant will produce PVC edge banding tapes. These tapes are widely used by modular furniture manufacturers in the country, for elegant appearance and protection of furniture. Besides catering to the domestic demand, the company plans to export its products.