Gujarat Foils says India’s position as global pharmaceutical manufacturing hub will be a key driver for the aluminium foils sector.
The firm, which makes thin-gauge aluminium for the pharma sector among others, made the comments after reporting a strong set of results for the first quarter of fiscal 2011.
For the period the company posted a 97 per cent increase in revenue, to INR413.5m (€6.8m) for the three months ended June 30, telling India Info Online it was due to growth across its business.
It added that: “The position of Indian economy as a hub for manufacturing of pharmaceutical products will be a big thrust for Aluminium foil as a sector resulting into more and more demand coming out from this growth sector.”
In June, Gujarat Foils began integrating a new pharma packaging plant into its manufacturing, telling Equity Bulls the project “The Investment in Pharma packaging industry will add a great potential to the company's future prospects.”