SCZONE’s chairman witnesses $120 million signing of a new expansion contract for Flex company in Sokhna
Mr. Waleid Gamal El-Dien, Chairman of the General Authority for the Suez Canal Economic Zone (SCZONE), witnessed, the signing of the expansion contract for the Indian “Flex project”, according to the company's release. The signing was between Eng. Amr El-Batriq, CEO of Orascom for Industrial parks, and Mr. Ashok Kumar Chaturvedi, Chairman of the Board of Directors of the Indian Flex Asepto Company, as the expansion will be on an area of 125,000 square meters, with investments amounting to $120 million.
The signing of the contract is based on expanding the business of the Indian company within the scope of “Orascom for industrial parks” developer in Sokhna. The signing of the contract comes as a result of SCZONE and its developer’s keenness to encourage expansions within the industrial zones, especially for the companies that make environmentally friendly products and use sustainable methods in their production. Flex Aspeto is one of the Indian U-Flex Group companies, which manufactures high-quality packaging products and containers for dairy products, juice derivatives, and others, with a production capacity of 120 million packages annually.
The SCZONE Board of Directors, during its meeting earlier this month, approved establishing the logistical zone of the Indian company Flex inside Sokhna port, as an extension of its project. The cornerstone was laid last April, as a result of cooperation and integration between SCZONE and its developers to provide a flexible work environment that helps investors to facilitate all steps and procedures necessary for the various production processes, in addition to logistical facilities that ensure access to various markets with the lowest cost.
In the context of the presence of Indian investments in SCZONE, last April witnessed the unveiling of the foundation stone for the Indian Flex Egypt Factory project, which specializes in the production of polyethylene (PET), in the industrial zone in Sokhna within the scope of the industrial developer Orascom for Industrial parks, with investments amounting to $ 110 million. The project is located on an area of 250 thousand square meters with a production capacity of 30 thousand tons per month.
