Packaging products maker Cosmo Films on Wednesday said it will invest Rs 300 crore to set up a new line of speciality polyester films. In a regulatory filing, the company said it plans to set up a new line of specialty polyester films (Biaxially-Oriented Polyethylene Terephthalate or BOPET) by the second quarter of 2022-23.

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"The new line will be commissioned at the Waluj plant site in Aurangabad, Maharashtra with a capacity of 30,000 MT (metric tons) per annum...," the filing said. The project cost is estimated to be Rs 300 crore, which will be financed through a mix of internal accruals and loans, it added.

"Speciality BOPET is a niche segment which caters to multiple application segments, with high margins and opportunities for import substitution as well as worldwide exports," Cosmo Films Ltd CEO Pankaj Poddar said.

BOPET films offer high tensile strength, chemical and dimensional stability, transparency, reflectivity, gas and aroma barrier properties and electrical insulation. Shares of Cosmo Films were trading 4.29 percent higher at Rs 396.05 apiece on BSE.