Sri Lankan glass bottle maker Piramal Glass Ceylon plans to rebuild and re-line its furnace.
The furnace was built in 2007 and the company plans to modernise and increase the capacity of the furnace in 2017.
Sanjay Tiwari, Managing Director of Piramal Glass Ceylon, said capacity will be increased by 300 tonnes a day from then existing 250 tonnes, with an investment of 3 billion rupees..
The company, a unit of India’s Piramal Glass, is also doubling the facility for producing colour bottles through colouring forehearth. This expansion also includes further investment in more sophisticated down-stream facilities.
It said said net profit during the year ended 31 March 2016 rose almost 50% with strong domestic sales although earnings dipped in the fourth quarter.
Annual profit rose 49% to 654 million from a year ago with sales up 17% to 6.8 billion rupees.
The major portion of growth was backed by the food and beverage segments.