Page 35 - Plastics News September 2021

B
BUSINESS NEwSUSINESS NEwS

GAIL Turnover up 44% to Rs. 17,352 crore Shelbyville, Tennessee.The acquisition
is intended to expand Revolution’s
increasing domestic presence while
of National Gas widening its production capabilities
Grid and currently and sustainable product portfolio.
GAIL, along with Revolution CEO Sean Whiteley said:
its JVs, is executing “Five Points is a truly impressive
business grounded in a strong company
Pipeline Projects of culture and commitment to serving its
around 8,000 kms customers. “The success and growth
with investment of that the company has demonstrated
around Rs. 38,000 in the short time since its founding
cr or e .GAIL is is a testament to its best-in-class
als o e xpanding operation, and we are very excited to
P ol y propy le ne welcome the Five Points team to the
production capacity Revolution family. “We look forward
by setting up 500 to collaborating with and learning from
AIL (India) Limited recorded KTA PDHPP Unit the Five Points team in the coming
Gturnover of Rs. 17,352 crore in at Usar (Maharashtra) and 60 KTA PP months, working together to continue
Q1 FY22 vis a vis Rs. 12,060 crore in unit at Pata (Uttar Pradesh) with an Five Points’ track record of producing
Q1 FY21 while Profit before Tax (PBT) approximate investment of Rs 10,000 quality products, while also bringing new
in Q1 FY22 stood at Rs. 2,054 crore as crore. During current financial year, innovations and sustainable solutions
against Rs. 356 crore in Q1 FY21. The GAIL has capex plan of Rs. 6,600 crore. to the stretch film market, including
Profit after Tax (PAT) stood at Rs. 1,530 Shri Jain further added that GAIL is the use of post-consumer material
crore in Q1 FY22 as against Rs. 256 crore exploring possibilities for expanding its in stretch film products.” Five Points
in Q1 FY21. The increase in the profits footprint in renewables. president Gregg Smith said: “We set
is mainly attributable to better physical out to develop a stretch film company
performance in Natural Gas Marketing Revolution Acquires that customers would genuinely enjoy
& Transmission, improved margins working with, delivering high quality,
in gas marketing due to favourable US-Bas e d F ilm innovative products, personalised,
market conditions and better price Manufacturer Five friendly service and integrity at our
realization in Petrochemicals and Liquid foundation. “By joining Revolution,
Hydrocarbons.During the quarter, Points Films we are confident that the success we
Natural Gas Transmission and Natural have built will only continue thanks to
Gas Marketing volume increased by 19% our shared values of innovation and
and 18% respectively as compared with a commitment to taking care of the
corresponding quarter in previous year. customer.” Brands currently owned
The volume growth is due to normalcy by Revolution include Delta Plastics,
of the business activities as against Revolution Bag, Revolution Ag, Rodeo
nationwide lockdown during Q1 FY21. Plastics, Command Packaging, Polar
During the quarter, the consolidated Plastics and Jadcore. Last October,
the company acquired polyethylene
group Turnover stood at Rs. 17,551 film manufacturer Polar Plastics for
crore as against Rs. 12,152 crore in an undisclosed amount. In May, Five
Q1 FY21. The group’s PBT and PAT Points Films announced a multimillion-
stood at Rs. 2,540 crore and Rs. 2,138 S-based sustainable packaging dollar investment to add a stretch film
crore respectively as against Rs. 729 Ufirm Revolution has purchased production line to its site in Shelbyville,
crore and Rs. 654 crore respectively in Five Points Films, a manufacturer of Tennessee. The equipment is expected
Q1 FY21.Shri Manoj Jain, Chairman & cast hand and machine stretch film, for to increase the facility’s production
Managing Director, GAIL stated that the an undisclosed sum.Five Points Films capacity by up to 35% by the end of
company is focussed on development was founded in 2014 and is based in this year.

35 PLASTICS NEWS SEPTEMBER 2021