Century Panels Ltd to set up new MDF plant in Andhra Pradesh

Century Plyboards (India) Ltd's wholly owned Subsidiary, Century Panels Limited, at its Board Meeting held today, 22nd June, 2021, has considered a proposal for setting up a new unit in the state of Andhra Pradesh for manufacturing of Medium Density Fiber boards (MDF).

The existing capacity of the company is 198000 CBM per year (excluding proposed expansion of 132000 CBM per year at Hoshiarpur)*. The proposed capacity addition is 231000 CBM per year. The Investment required to set up the MDF unit is approximately Rs.500 Crores which will be funded through a mix of debt and equity.

The rationale for expansion is due to increasing demand for MDF and proximity to principal source of raw material along with availability of man-power and tax benefits under Section 115BAB of the Income Tax Act.

Century Panels Limited is presently not a material subsidiary of the Company.

Shares of CENTURY PLYBOARDS (I) LTD. was last trading in BSE at Rs.409.6 as compared to the previous close of Rs. 408.1. The total number of shares traded during the day was 3949 in over 444 trades.

The stock hit an intraday high of Rs. 422 and intraday low of 406.9. The net turnover during the day was Rs. 1626371.

Source : Equity Bulls

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