The Hindu Business Line : Greenply plans Rs 80-cr plant in Uttaranchal

(From left)Mr Saurabh Mittal, Joint Managing Director, Greenply Industries; Mr Venkatramani, Vice-President (Corporate); and Mr S.P. Mittal, Chairman, at a press conference in New Delhi on Thursday. — Kamal Narang

New Delhi , Aug. 18

GREENPLY Industries Ltd today announced plans to set up a greenfield facility in Uttaranchal with an investment of Rs 80 crore.

The plant would be located at Uttaranchal to capitalise on the fiscal concessions being offered by the State Government as well as the abundance of timber, proximity to strategic markets of north and western India and availability of necessary infrastructure, the company Chairman, Mr S.P. Mittal, told reporters here today.

According to Mr Saurabh Mittal, Joint Managing Director of the company, the new plant would go into full-fledged commercial production by the middle of next year and would add around Rs 150 crore to the company's turnover. The plant is expected to provide jobs to around 1,000 workers, he said.

The Rs 80-crore project would be funded through a mix of debt and equity, Mr Mittal said.

The plant would have twin production lines of plywood and particleboards. The new plant would have a capacity of 50,000 cubic meters of plywood and 30,000 cubic meters of particleboards. Once commissioned, the combined capacity of the company's four plants would touch one lakh cubic metres of plywood and 30,000 cubic metres of particle boards, Mr Mittal said.

The Uttaranchal plant is being set up on a25-acre plot. The other three plants of the company are located in Nagaland, Rajasthan and West Bengal.

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