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Greenply forays into MDF business, to setup 800 CBM per day capacity plant in Gujarat

Posted On: 2021-08-04 12:18:44 (Time Zone: UTC)


Greenply Industries Limited, India's leading plywood manufacturing company has announced its foray into the Medium Density Fiber (MDF) boards business. The greenfield manufacturing plant would be setup in Vadodara Distt., Gujarat with an estimated cost of Rs. 548 Crore. For this purpose, the Board of Directors of the company today announced the acquisition of M/S Baahu Panels Pvt Ltd as a wholly owned subsidiary.

The plant with an installed capacity of 800 cubic meter (CBM) per day would have the revenue potential of Rs. 600-650 Crore per annum at its peak utilisation. The plant is expected to commence operations by Q4FY23. The company has plans to produce all products sub-categories of MDF including thin & thick, prelam and other value-added products in phased manner.

Commenting on the announcement, Mr. Manoj Tulsian, CEO & JMD, said, "With the change in consumers demand in the current scenario, MDF industry is expected to grow rapidly due to its versatile application and this trend is here to persist. This investment will help us to capitalize on this long-term opportunity and establish our leadership in western untapped market.

The plant is strategically located in the agricultural belt that ensures easy procurement of raw materials and has proximity to seaports and highways. With the rich experience of the management in wood panel Industry for more than 30 years, we are expanding our product portfolio to serve diverse industries."

Shares of Greenply Industries Ltd was last trading in BSE at Rs. 203.1 as compared to the previous close of Rs. 208.85. The total number of shares traded during the day was 75563 in over 3078 trades.

The stock hit an intraday high of Rs. 214 and intraday low of 198.5. The net turnover during the day was Rs. 15666800.


Source: Equity Bulls

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