Nichrome India Limited, which supplies vertical form fill sealing (VFFS) machines, is aiming for 30% growth in Africa markets.
Over the next two years, the Indian packaging machinery manufacturer is looking to raise its revenues to 1.5bn rupees ($146m), up from 0.8bn rupees this year.
Nikhil Pradhan, head of Mumbai Operations, told the Business Standard that the goal hinges on Africa, expected to provide exports worth 0.2bn rupees.
“Along with India, now we have decided to expand our footprint in overseas markets,” he said.
“To begin with, we will explore the Africa market because a company like Nichrome has many business opportunities in Africa.”
He added that “in future” the company has a plan to focus on markets such as the Middle East and Far East.
Nichrome is a leader in agricultural packaging in India, claiming that 80% of seed packaging in the country is done with its machinery.
The company provides multi-lane VFFS PV215 machines under licence from Prodo-Pak USA as well as T 110 horizontal form fill seal (HFFS) machines for pharmaceuticals and cosmetics through a collaboration with Totpack.