Greenply Industries Ltd to enter into JV agreement with SAMET B.V.

The Board of Directors of Greenply Industries Limited, at its meeting held today, accorded their consent to enter into a Joint Venture agreement with SAMET B.V., a company duly incorporated under the laws of Netherlands and having its registered office at Weesperstraat 61, 1018 VN, Amsterdam, the Netherlands, for manufacturing and selling functional furniture hardware such as slide systems for wooden and metallic drawers, hinge systems, lift-up systems and other connection fittings etc. through a manufacturing facility in India. Greenply Industries Limited will invest an amount of approximately Rs 34 Crs in the joint venture over a period of next 4 years.

The Board also approved incorporation of a Joint Venture (JV) Company in the name of "Greenply Samet India Private Limited" or such other name as mutually agreed by the Company and SAMET B.V. and as may be approved by the concerned Registrar of Companies. The said JV Company to be incorporated shall be on equal shareholding basis (1:1) as a private limited company in accordance with Indian laws.

Shares of Greenply Industries Limited was last trading in BSE at Rs. 157.05 as compared to the previous close of Rs. 155.95. The total number of shares traded during the day was 92654 in over 1890 trades.

The stock hit an intraday high of Rs. 161.85 and intraday low of 156.80. The net turnover during the day was Rs. 14726559.00.

Source : Equity Bulls

Keywords

GreenplyIndustries INE461C01038 JVAgreement SAMETBV