Greenply Industries on Monday said it will invest at least Rs 75 crore to set up a plywood and allied products manufacturing unit in Uttar Pradesh.
The company’s board at its meeting held on May 10 approved setting up of a new unit at Sandila Industrial Area in Hardoi, Uttar Pradesh for manufacturing of plywood and its allied products through a wholly-owned subsidiary in India, it said in a regulatory filing.
The incorporation of the wholly-owned subsidiary has also been approved by the board, it added.
Investment required to set up the plant is approximately Rs 75 crore (excluding cost of land and licence of approximately Rs 40 crore), it said, adding the plant is expected to be operational by the fourth quarter of 2021-22. The new project would be financed through debt and equity, the company said.
The proposed capacity addition by the wholly-owned subsidiary is 13.50 million square metre per annum while the existing capacity of the company is 24.90 million square metre per annum, it said.
Greenply Industries said it decided to set up the plant at Hardoi considering the proximity of principal raw materials such as agro forestry timber and availability of workers, along with growing demand in northern and central markets of India.
