Greenply forays into MDF boards business to set up plant with Rs 548cr capex

     Kolkata, Aug 4 (PTI) Greenply Industries on Wednesday announced its foray into medium density fibreboards business and said it will set up a plant in Gujarat's Vadodara with capital expenditure (capex) of Rs 548 crore for the purpose. <br>        The greenfield facility is likely to commence operations in the last quarter of the 2022-23 fiscal, a company official said.<br>        "The plant with an installed capacity of 800 cubic metre (CBM) per day will have a revenue potential of Rs 600-650 crore per annum at its peak utilisation," Greenply Industries CEO and joint MD Manoj Tulsian said.<br>        It has plans to produce all categories of MDF and other value-added products in a phased manner, he said.<br>        The Kolkata-headquartered company also announced the acquisition of an entity for this purpose.<br>        “With the change in consumer demand in the current scenario, the MDF sector is expected to grow rapidly. This investment will help us to capitalise on this long-term opportunity and establish our leadership in the untapped markets of western states,” Tulsian said.<br>        The plant will be in the agricultural belt that ensures easy procurement of raw materials and will have quick access to seaports and highways, the company added. PTI BSM<br>BDC   BDC

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