Page 39 - Plastics News August 2021

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BUSINESS NEwSUSINESS NEwS

Tata Consumer Products Opens Tea Packaging Aramco Profits Soar

Plant In Odisha By Almost 300 Percent

au di Arabian
Se ne rg y giant
Aramco has seen its
profits jump almost
four times boosted
by a rise in oil prices
as demand recovers.
The company added that the easing
of Covid restrictions, vaccinations,
stimulus measures and the return of
onsumer products company Tata has also been built with a focus on economic activity have supported
CConsumer Products (TCP) has green manufacturing in line with our results.Crude oil prices have risen
opened a tea packaging plant at Gopalpur sustainability agenda.” Tata Steel CEO by more than 30% since the start of
Industrial Park near Bhubaneswar, and managing director T V Narendran the year. Aramco's chief executive
Odisha. The plant, built with a Rs1bn said: “It is a moment of great pride for also gave an upbeat assessment for
($13.43m) investment, has successfully us as another member of the Tata Group, the rest of 2021. The firm, which is
completed a production trial.It features TCP, is starting its maiden manufacturing the world's biggest oil producer, said
advanced packing machinery fitted with operations in Odisha. “Our investments net income rose by 288% to $25.5bn
Internet of Things (IoT) capabilities across multiple locations in Odisha is a (£18.4bn) for the second quarter. "Our
to improve operational efficiency. demonstration of our commitment to the second quarter results reflect a strong
With an expected production capacity development of the state and our firm rebound in worldwide energy demand
of around 60 million kilogrammes a belief in its growth story.” Amalgamated and we are heading into the second
year, the Gopalpur plant will become Plantations Private Limited (APPL), half of 2021 more resilient and more
TCP’s largest tea packing plant once an associate company of TCP, has flexible, as the global recovery gains
fully operational.Tata Steel Special been chosen to operate the Gopalpur momentum," Amin Nasser said in a
Economic Zone (TSSEZL), a subsidiary plant. AAPPL is a plantation company statement. Aramco is the latest major
of Tata Steel, invested in infrastructure and the second largest tea producer energy firm to report strong results
at the plant, while TCP spent capital in India with an annual production of in recent weeks. Last month, US
on the machinery. In its first year of around 40 million kg. It is also one of energy giant Exxon Mobil posted a
operations, the project will create 250 the leading 3P contract packers for Tata rise in income of $4.7bn in the second
direct and indirect jobs. A further 700 Consumer Products Limited (TCPL) for quarter, compared to a loss of more
jobs will be created when the plant is their FMCG tea business and currently than $1bn for the same period last
fully operational by 2024-25.In keeping operates 3 tea packing factories, with year. European rival Royal Dutch Shell
with TCP’s commitment to sustainability, two in Assam and one in West Bengal. reported its highest quarterly profit in
the Gopalpur plant is powered by a solar With plug and play infrastructure, more than two years. With economies
power unit with 350kW of capacity. multi-modal logistics connectivity, ready easing Covid restrictions and opening
Tata Consumer Products managing environmental clearance and clear up, global demand is recovering,
director and CEO Sunil D’Souza said: land title, Gopalpur Industrial park is boosting the price of oil. Brent crude
“The plant is an integral part of Tata emerging as the preferred investment has also been boosted to around $70
Consumer Products’ plans to scale destination of India. Currently, it has a a barrel after the Organization of the
supply chain capabilities to meet growing 55,000 TPA ferro chrome plant by Tata Petroleum Exporting Countries and its
consumer demand. “It is a state-of-the- Steel, a defence manufacturing unit by allies, a group known as Opec+, agreed
art unit, the largest tea packing plant Anadrone Systems Private Limited and to cut oil production. However, higher
for Tata Consumer, and will be a key chrome-based industries by East Coast crude oil prices will have a knock-on
Overseas Private Limited and Odimet
hub in our supply chain network. “It effect on drivers as they push up the
Resources Private Limited. cost of petrol.

38 PLASTICS NEWS AUGUST 2021 39 PLASTICS NEWS AUGUST 2021