Packaging materials maker Vacmet India Limited is setting up a unit in Dhar district of Madhya Pradesh with an investment of Rs 1,580 crore.

The foundation stone of the facility was laid down by Madhya Pradesh Chief Minister Shivraj Singh Chouhan at Ujjayani yesterday, an official release said

"There is a conducive atmosphere for establishment of industries in the state" and Vacmet's unit in 65 acre land is a proof that major industries are coming to Madhya Pradesh, Chouhan said.
 
The CM said that due to Investors Meet in the state last years, major industrial houses have evinced interest in investing in Madhya Pradesh and establishing their units in the state, an official of the Public Relation Department said today.

The company will invest Rs 1,580 crore on this unit through which about 8,000 people will get jobs. First phase of the unit will be completed by January 2017, the official said.
 
The company has set a target to complete all three phases in five years.

Chouhan said agriculture is the state government's top priority, but along with it industries are also necessary as youths will get jobs only through it.

He added that his dream is that youth of the state should get jobs in the state itself.

Vacmet has been producing polymer and BOPP (Biaxially Oriented Polypropylene) film since 1993. The company exports these films to about 80 countries, its Chairman and Managing Director Ramesh Chandra Agrawal said.

Its four units are located at Chhata near Mathura and Ujjayani's unit is the fifth one, which will also produce BOPP film, which is used in food packaging, industrial packaging, labeling and electrical insulation.