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Stock Report
Greenlam Industries Limited announces capacity expansion projects
Posted On : 2021-12-13 17:08:44( TIMEZONE : IST )
The Board of Directors of Greenlam South Limited ("GSL"), a wholly owned subsidiary of Greenlam Industries Limited ("Greenlam"), at their meeting held on December 13, 2021, has approved the proposal to set up a greenfield project for manufacturing of Particle Board and allied products at Naidupeta, Nellore in Andhra Pradesh.
The board also approved proposal to enhance the capacity of the greenfield laminate project being set-up at Naidupeta, Nellore in Andhra Pradesh from 1.5 million laminate sheets/board per annum to 3.5 million laminate sheets / board per annum.
The existing capacity of Greenlam is 15.62 million laminate sheets per annum and the capacity utilization is at 114% for the six months ended September 30, 2021 (on annualized basis). The Proposed capacity addition by GSL will be 3.5 million laminate sheets / boards per annum (enhanced from 1.5 million laminate sheets/board per annum announced earlier) The new capacity will be implemented through an investment of Rs. 225 Crore (enhanced from Rs. 175 Crores announced earlier) and expected to be commissioned by 4th quarter of Financial Year 2022-23.
The board also approved the implementation of new project for 2,31,000 cubic meter of Particle Board and allied products at an outlay of Rs. 600 Crores and the new capacity is expected to go on stream by 4th quarter of financial year 2023-24.
The funding for projects of GSL would be raised through a mix of debt and financial support from Greenlam. The new capacities would cater to the growing demands in the domestic and international market.
Further, the Board of Directors of HG Industries Limited (formerly Himalaya Granites Limited) (HGIL), a subsidiary of Greenlam Industries Limited, at their meeting held on December 13, 2021, has approved to set up a greenfield project for manufacturing of Plywood and allied products at Tindivanam, Tamil Nadu.
Shares of Greenlam Industries Limited was last trading in BSE at Rs. 1688.50 as compared to the previous close of Rs. 1687.40. The total number of shares traded during the day was 9096 in over 1739 trades.
The stock hit an intraday high of Rs. 1764.00 and intraday low of 1655.00. The net turnover during the day was Rs. 15599903.00.
