23 February 2017 Current Affairs: Oricon Enterprises Ltd (OEL), the flagship company of Parijat Enterprises that is in marine logistics, packaging, petrochemicals and automobile dealership, will invest Rs 100 crores to build a manufacturing facility in Odisha for packaging products.
The company announced to create new facility at an investment of Rs. 100 crores in two phases in the State of Orissa.
This facility will be used to manufacture new packaging products. The project will be funded from internal accruals
As part of its strategy to consolidate its presence in the Indian caps & closures market, the company has been adding capability by raising the production. Oriental Containers Ltd, a wholly-own subsidiary of OEL, recently completed expansion of its plastic closures manufacturing capacity, which involved investment of Rs 35 crores, at Murbad in Maharashtra. This expansion has added a capacity of 1.2 billion closures per annum, taking the total installed capacity to over 8 billion per annum - highest in India.