The US-based packaging major MeadWestvaco Corporation plans to expand its presence in industrial packaging and triple its sales in India.
The company will invest $184 million (approx Rs 1,000 crore) by 2018 in the packaging and paperboard industry across the country. The company had already signed an MoU with the Gujarat Government for the purpose. The investment includes the acquisition of Vapi-based Ruby Macons and plans to expand the current production at the facility with the installation of a new paper machine to manufacture new paperboard products and grades.The expansion is already underway and is expected increase the production starting in 2013.