Kanpur Plastipack Limited (KPL) has approved the sale of the plant and machinery of its Cast Polypropylene (CPP) division in a strategic realignment. The move comes following the CPP division being hit by delayed commissioning and weak market performance, as noted in recent company reports.
Key highlights:
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The CPP division, introduced to expand the product basket of KPL, was marred by underutilization and lower-than-anticipated realizations.
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The disposal is for the purpose of rationalizing resources and leveraging core competencies, like Flexible Intermediate Bulk Containers (FIBCs) and PP Woven Fabrics.
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KPL continues to focus on venturing into new growth opportunities, such as renewable energy investments and further consolidating its global presence.
The action demonstrates KPL's responsiveness in handling market challenges while harmonizing its operations with long-term growth goals.
Source: Based on Kanpur Plastipack Ltd.'s regulatory filings and annual reports