Amidst India’s growth in the FMCG industry, a great scope opened for the flexible packaging industry in the country. In 1988, Uflex Ltd emerged as an aseptic packaging company by merging the assets and liabilities of Uflex subsidiaries : Flex Laminates Ltd. and Flex Papers Ltd. The main objective of the company was to supply printed laminations of plastics and paper-based materials to the emerging FMCG industry.
They have 70 equity shares subscribed for the signatories to MOA (Memorandum of Association). There are 22,15,640 equity shares allotted to onetime FLEX Laminates Ltd, while they allotted 6,25,016 to the erstwhile Flex Papers Ltd, both consequent to the scheme of incorporation without cash payment.
Uflex Ltd Year events:
1989: The company proposed to undertake contemporary and backward integration scheme at its existing unit at Noida. It undertook two projects; the first project involved an outlay of Rs 234 lakhs, while the second one was outlaid with Rs 775 lakhs. Financial Institution sanctioned a term loan of Rs 814 lakhs for the two projects. The company was to be met with a total of Rs 260 lakhs by internal accruals.
Next Leap 1990: With a view to further improve the quality of Uflex ltd products, and to keep pace with the changing market trends, Uflex Ltd. owner and chairman Ashok Chaturvedi decided to upgrade technology, process and products. The organization also proposed to procure eight color printing appliances, scanners and energy saving tools. Also, the company issued 2,13,000 tenable debentures of Rs 100 each for cash at par by the way of private placement to Canbank Mutual Fund. It also offered 1,25,000 shares to the workforce.
1991: During the month of June, the company issued 26,25,000 equity shares of Rs 10 apiece at par premium, out of the total equity shares, 25,00,000 shares were offered to shareholders, on 1:2 basis.
1994: Uflex started developing packaging for tea bags, extra-large packaging for mattresses and pillows. Developing packaging with more accessible technologies of zipper and diaphragm had started too.
1996: To give more leverage to the packaging industry, Uflex set up a joint venture with the USA-based Vinamar Inc. thereby becoming Flex VIN Inc. It won them the Dupont Award in USA for Innovation in food processing and Packaging.
1997: Commenced commercialized manufacturing of Polyethylene Terephthalate chips.
1999: Flex and Polyplex Corp, the two majors decided to hive off their polyester film businesses to form a joint venture, creating the country’s largest and the world’s fifth largest film producer manufacturing company.
2000: Uflex acquired 100% shares of Cincom Systems Pvt Ltd, becoming part of the Uflex Subsidiary.
2001: Uflex America was incorporated, making it a wholly-owned subsidiary of Uflex in America.
2002: MG Gupta and N Sitaraman were appointed as Directors of the company.
2004: Third Metallizer with a capacity of 6,000 TPA was installed in Jabel Ali Free Zone, UAE.
2007: Company name was formally changed from Flex Industries Ltd to Uflex Ltd.
2009– Launching of Barrier Matlin at Mexico
2010– Launching of CPP Film Cairo, Egypt
2011– Launching of AlOx Coating at Egypt
Launching BOPET Film at Egypt:
Commenced construction of BOPET Film plant in Poland
Commenced construction of BOPET Film plant in USA
2018: Uflex participates in Propak China 18
- Fresca launches holographic packaging with the help of Uflex brand Asepto.
- Uflex invests in Edale narrow web flexo press for production of security labels.
- Uflex ventures into flexible liquid packaging with Rs 5.8-billion Sanand plant.