The Hindu Business Line : Teekays Group to set up facility for medium fibre boards

Hyderabad, May 23 Bangalore-based Teekays Group, as part of its diversification plan, is looking at setting up a manufacturing facility for medium-density fibre boards (MDF) with an investment of Rs 206 crore near Bangalore.

The Group has formed a separate company — Teekays MDF (I) Ltd.

“Since we are already into the corporate interior business segment it was essential to go in for backward as well as forward integration to offer end-to-end solutions to clients and that is why we are putting up the MDF manufacturing facility,” Mr Umar Teekay, Managing Director said.

At a press conference, he announced the opening of the new office of the flagship company of the Group, Teekay Interior Solutions, in Hyderabad.

The MDF facility, with an installed capacity of 1,00,000 metres a year, will be ready for commercial production in October 2009. The group has entered into a technical collaboration with a German company.

Plantation, IT venture

“As a precursor to this venture, we will shortly be launching a short cycle lamination plant set to commence production in October 2008.

To cater to the huge raw material needs of the MDF plant, we have started an independent company Teekays Plantations,” Mr Teekay said.

The new company, he said, will look at developing a gene bank to supply plantations to farmers and a buy back agreement is likely for assured market for the plantations. Anantapur, Chittor and Kadapa are being considered for plantations.

“The group is considering development of IT parks in Tier-II cities. We have about 150 acres in Mysore and 40 acres in Mangalore and are investing Rs 50 crore in the first phase of the IT park in Mysore. The first tower is expected by 2010,” Mr Teekay said.

The group is scouting for a joint venture partner and envisages a total investment of around Rs 800 crore for the development of the 25-acre land.

Last year, Teekay Interior Solutions, which is into the interior fit-out and facilities management segment, recorded a turnover of Rs 100 crore and expects to touch Rs 150 crore this fiscal.

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