Sep 03, 2007. /Lesprom Network/. Seeing a huge opportunity for environmental-friendly paper-based food packaging material in the West, the paperboards and specialty papers division of ITC has decided to invest INR 350 million ($8.6 million) by the year end at its Bolaram facility to increase capacity. Post expansion, the capacity of the facility would go up to 42 000 tonnes a year from the present 18 000 tonnes, according to Mr. Pradeep Dhobale, chief executive of the division. The facility, which helped the company tap the niche packaging segment, registered a turnover of INR 1 billion ($24.6 million). The company made an initial investment of INR 350 million on this facility. ITC is one of India's foremost private sector companies with a market capitalization of nearly $15 billion and a turnover of over $4.8 billion. ITC has a diversified presence in cigarettes, paperboards & specialty papers, packaging, etc.