The Hindu Business Line : Greenply to invest Rs 40 cr for Rajasthan unit expansion

Greenply Industries Ltd, manufacturer of laminates and veneers, plans to invest Rs 40 crore for capacity expansion at its Behror plant in Rajasthan. "As part of the expansion, we are setting up a fourth production line whereby capacity will go up from 39.60-lakh sheets to 53.40-lakh sheets per annum. The expansion will be completed by July next year," said Mr Saurabh Mittal, Joint Managing Director and CEO, Greenply Industries.

The expansion is being undertaken to meet the growing demand for laminates in India and abroad. The company will also expand its depots and dealer network in Tier-II cities.

The company has also signed a carbon emission agreement with a US-based hedge fund under the Clean Development Mechanism of the Kyoto Protocol.

As per the agreement, Greenply will deliver around 58,000 Carbon Emission Reduction (CERs) every year till 2012 starting in 2006-07 to the hedge fund. Greenply will be able to sell its emission reduction credits by burning biomass for producing steam at its plants in Behror and Rudrapur in Uttaranchal.

The credit sale will add about half million Euros every year to the company's topline, said Mr Mittal.

Greenply's sales for the last fiscal stood at Rs 308 crore.

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