KARACHI: Tri-Pack Films Limited (Tri-Pack) – a joint venture between Mitsubishi Corporation of Japan and Packages Limited of Pakistan, announced on Monday a new set of investments in Pakistan to acquire high-tech machinery for the production of specialized films. The Board of Tri-Pack Films in annual general meeting held on Sunday has approved investments to the tune of Rs 2.2 billion. The investments are to acquire state of the art machinery for the production of specialised film and transparent and high strength metalized films for the first time in Pakistan to cater to the export and local markets, said Company Secretary Adi J.Cowasji. He further added that additionally, the investments are also aimed to improve efficiencies in the existing operations. “The cash outflow for the project would span around 12 months and shall be sourced from in-house cash generation and borrowing from financial institutions. The cost of projects is sensitive to exchange fluctuations and any change in duty/taxes”, added Cowasji. Nasir Jamal, Chief Executive Officer (CEO) of the company, in company’s financial report, said external factors such as law and order situation, uncertain local political environment, energy supply outlook, potential depreciation of Pakiatni Rupee and continuous illegal imports will remain a challenge going forward. Tri-Pack is principally engaged in the manufacturing and sale of Biaxially Oriented Polypropylene (BOPP) lm and Cast Polypropylene (CPP) lm. The Company is continuously growing since inception and has touched the country’s ever highest production of BOPP films in the year 2013 through the commissioning of BOPP Line-4 in March 2013 at a cost of Rs 5.4 billion. The project of Cast Polypropylene (CPP) Line-2 with a capacity of 9,000 MT per annum was completed and commissioned in March 2014 within the budgeted cost of Rs 1.3 billion. This shall increase the combined CPP production capacity of the company from the present 7,200 MT per annum to 16,200 MT per annum. Published in Daily Times, March 6th 2018.