Essel Propack has redeemed commercial paper amounting to Rs 35 crore on 14 March 2019.

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Essel Propack redeemed commercial paper amounting to Rs 50 crore on 13 March 2019 and will redeem commercial paper worth Rs 35 crore on 14 March 2019.

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The announcement was made after market hours yesterday, 19 February 2019.

Meanwhile, the S&P BSE Sensex was up 261.84 points or 0.74% at 35,614.45

On the BSE, 7,431 shares were traded in the counter so far as against average daily volume of 21,000 shares in the past two weeks. The stock had hit a high of Rs 118 and a low of Rs 114 so far during the day.

Essel Propack (Essel) said that the company has further received Rs 40 crore towards repayment of outstanding dues of inter corporate deposit. Essel has already received Rs 25.30 crore in last month. The balance amount is expected to be received by March 2019.

Vinay Mokashi, Chief Financial Officer said the receipt of substantial amount out of total outstanding shall further strengthen the cash flow of the company and reduce debts.

Essel Propack's consolidated net profit rose 13.54% to Rs 45.45 crore on 15.97% increase in total income to Rs 698.28 crore in Q3 December 2018 over Q3 December 2017.

Essel Propack is the largest specialty packaging global company, manufacturing laminated plastic tubes catering to the FMCG and pharma space.

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Essel Propack inaugurated its first Greenfield unit in Kamrup, Assam. The unit will deliver high-quality laminated tubes with a manufacturing capacity of 275Mn tubes annually. The size of investment in phase-I is Rs. 82 crore and will provide employment to about 150 people. Aftercomplete ramp up, the total investment in the unit will be of Rs.192 crore (without land and building) for a capacity of 750Mn tubes. This is the first unit of the company in North-East of India.

The unit has been set up under the auspices of the Advantage Assam scheme of the Government of Assam. The new unit will augment the capacity making it a strategic sourcing site for the customers from North-East of India.

The Assam unit is another 'first' in the company's list of achievements. It is not only the company's first unit in North-East India but also the only global company manufacturing laminated tubes in the region.

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