Ulfex Ltd explores Rs 2,000 crore investment in Karnataka

Packaging materials and solutions company Uflex Ltd has evinced interest to invest Rs 2,000 crore in Karnataka, Industries Minister Jagadish Shettar said on Wednesday.

Shettar said he held talks with Uflex CMD Ashok Chaturvedi and that this investment, which the company wants to make in two phases, could generate 2,000 jobs in the state. According to a statement, the minister exchanged notes with the company on the investment climate in the state.

Chaturvedi told Shettar that the company would require 55 acres of land to set up a unit. With an additional four acres, the company can create housing facilities for workers, he said. Also, the proposed unit will make zero-waste and eco-friendly products that will be supplied all over the country, the statement said.

Shettar asked the company to submit a formal investment proposal. He also explained the highlights of the new industrial policy 2020-25 and elaborated on the ease of doing business reforms in the state.