### **Overview** AGI Greenpac Limited, formerly HSIL Limited, is a leading Indian packaging products company with a strategic focus on sustainable and innovative packaging solutions. The company rebranded in 2022 to reflect its transformation into a pure-play, environmentally responsible packaging enterprise. It serves over 500 institutional clients globally, including top-tier brands in alcoholic and non-alcoholic beverages, pharmaceuticals, cosmetics, FMCG, and personal care. AGI Greenpac operates through two business segments: **Packaging Products** and **Investment Property** (generating lease income from previously divested assets). Its core Packaging Products division comprises three vertically integrated businesses: - **Container & Specialty Glass (AGI Glaspac)** - **PET Bottles & Products (AGI Plastek)** - **Security Caps & Closures (AGI Clozures)** With seven advanced manufacturing facilities across Telangana, Uttarakhand, and Karnataka, the company has established itself as the **market leader in India’s organized container glass packaging industry**, commanding approximately **20% market share**. --- ### **Core Business Segments & Capabilities** #### **1. Glass Containers & Specialty Glass (AGI Glaspac)** - Operates **three container glass plants** in Telangana with a combined production capacity of **2,000 tonnes per day (TPD)** as of 2025 (up from 1,754 TPD in 2023). - Manufactures glass containers ranging from **2.5 ml (pharmaceutical vials) to 5-liter jars**, in various colors (flint, amber, green) to meet diverse client needs. - Over **40 years of industry experience** in high-precision glass manufacturing, serving liquor, food & beverage, pharmaceuticals, and premium cosmetics. - Achieved consistently high **capacity utilization (~96% in FY24)** due to strong demand, particularly in beer, whisky, and premium spirits. - Uses **over 40% recycled cullet (glass)** in production, reducing environmental footprint and conserving raw materials. - Has a **multi-fuel furnace system**—one of few global manufacturers capable of switching between natural gas, LPG, furnace oil, pet coke, and coal gas—providing resilience during fuel price volatility. #### **Specialty Glass & High-End Applications** - A dedicated **154 TPD specialty glass plant** commenced commercial operations in **January 2023** at Bhongir, Telangana. - Focuses on **high-margin segments**: perfumery, premium cosmetics, candle jars, luxury wines & spirits, and pharmaceutical vials. - Features an **integrated decoration unit** offering ceramic, UV, and hot-foil stamping; spray coating; and customized finishes—enhancing brand differentiation. - In-house **R&D center** launched in 2023 for glass innovation, equipped with advanced testing labs and 3D printing/VR design tools. - Achieves **ISO 9001, 14001, and 45001 certifications**, underscoring commitment to quality, environment, and occupational safety. - Exports niche specialty products to **EU, USA, Canada, Australia, and South Africa**, targeting global luxury brands. #### **Retail & B2C Initiatives** - Launched consumer-facing brands: - **Sand Dunes**: For premium glassware in hospitality and retail. - **GreenDrop Glassware**: Eco-friendly B2C brand featuring antimicrobial glass bottles using **Germ Guard™ nano-technology**. - Products available on **Amazon, Flipkart, and major retail chains**, capitalizing on rising consumer awareness and preference for sustainable packaging. --- #### **2. PET Bottles & Products (AGI Plastek)** - Operates **three automated PET plants** in Bhongir (Telangana), Selaqui (Uttarakhand), and Dharwad (Karnataka). - Annual production capacity of **11,892 tonnes**, serving regulated sectors including pharmaceuticals, alcoholic beverages, personal care, agrochemicals, and dairy. - Offers **end-to-end control** from preform injection to stretch blow molding, ensuring high quality and low waste. - Products comply with **FSSC 22000, ISO 15378 (pharma), and DMF USFDA norms**, enabling access to premium export markets. - Uses **advanced CAD and 3D modeling tools** for custom bottle design, including **Child Resistant Caps (CRC)** and drip-free bottles (patented). --- #### **3. Security Caps & Closures (AGI Clozures)** - One of India’s leading producers of **anti-counterfeit, tamper-evident closures**, primarily for the alcohol and edible oil industries. - Operates from an **IGBC Platinum-rated green facility** in Sangareddy, Telangana—India’s only such certified plant in this category. - Annual production capacity: - **780 million small caps** - **205 million large caps** - Features innovative security technologies: **holography, RFID/NFC traceability, tamper-proof seals, SuperCaps, and Voila™ closures**. - Partnered with European firms to launch **luxury closures** exclusively for India, Asia, and Africa. - Supplies to **over 50 major domestic and international alcoholic beverage brands**, including approval from global alco-bev majors. --- ### **Growth Strategy & Expansion Initiatives (As of Oct–Nov 2025)** #### **Strategic Capacity Expansions** - **Debottlenecking Projects (Completion: March 2026)** - Container glass capacity to increase from **1,850 to 1,900 TPD**. - Specialty glass capacity to rise from **154 to 200 TPD**. - Capital expenditure: ~₹50 crores. - **Greenfield Glass Plant – Gwalior, Madhya Pradesh** - New **500 TPD greenfield facility**, expected **operational by March 2027**. - Will increase total glass capacity to **2,600 TPD**, representing a **30% increase**. - Total capex: ~**₹700 crores**, primarily spent before FY27. - Strategic location improves access to the growing **North and Central Indian markets**. - **Aluminum Beverage Can Manufacturing (Uttar Pradesh)** - Entering a **high-growth, low-penetration (~4–5%) Indian market**, positioning as the **first Indian manufacturer**. - Two-phase project: - **Phase 1 (Q3 FY28)**: 950 million cans/year - **Phase 2 (by FY30)**: Expand to **1.6 billion cans/year** - Capex: ~**₹850 crores** for Phase 1; total investment potentially touching ₹1,100 crores. - Synergies with existing glass clients in **alcohol and food & beverage sectors**. - Targets **EBITDA breakeven at 60–65% utilization**—lower than glass, indicating better margin resilience. #### **R&D & Innovation** - Invested in **India’s first dedicated glass container R&D center** (Bhongir). - Focus areas: lightweighting, **α Glass (aesthetically superior glass)**, internal siliconisation, **forehearth coloring**, and shatter-resistant poly-coating. - Strong collaboration with **Big 4 consultants** to build a robust **ESG framework**. - Recognized as a **"Great Place to Work"** and awarded **CII Gold Awards for EHS Excellence**. --- ### **Financial & Operational Highlights** - **FY24 Revenue**: ₹2,445 Crores | **EBITDA**: ₹588 Crores - **FY23 Revenue**: ₹2,281 Crores | **EBITDA**: ₹488 Crores - Projected **8–10% annual growth** in the near term, supported by high-value mix and capacity expansion. - **Internal Cash Flow**: Over ₹400 crores annually from operations. - Funding: **Blended mix** of internal accruals and long-term debt (~60% debt financing targeted), with potential **future equity to prepay debt**. --- ### **Sustainability & Competitive Edge** - **Circular Economy Leadership**: 40% cullet usage, water recycling (~20%), and CO₂ emission reduction initiatives. - **Energy Efficiency**: 10% reduction in energy/ton over 5 years. - **Digital Transformation**: Industrial IoT (IIoT), AI-driven planning, VR-based design, and automation across plants. - **One-Stop Solution Model**: Offers glass, PET, and closures—mitigating substitution risk and enhancing customer stickiness. - **First-Mover Advantage**: In aluminum cans and specialty glass—barriers to entry due to capital intensity (~₹1,100 crores) and technical expertise. - Positioned to benefit from **premiumization trends**, especially in **Indian whisky and cosmetics markets**, where 20–30% of volume may shift to premium segments.