Plywood manufacturer Greenply Industries Ltd has expanded into West Africa. The company on Tuesday announced that it has put an initial investment of close to 11 million euros towards installing manufacturing facilities in the Gabonese Republic (Gabon) in West Africa.
It also plans to scale up its processing capacity from the current 3,000 cubic metres (CBM) per month to 8,000 CBM per month by March 2019, with an additional investment outlay to the tune of euro 4 million to be made in the facility. It plans to hit a capacity utilisation of 55 per cent by financial year 2019 and scale up to 100 per cent by financial year 2021.
The interior infrastructure brand also plans to start its own forestry operations in 2019 to augment its raw material supplies, said the statement. “We are constantly working on capacity building and securing resource availability. This has inspired Greenply to go beyond and explore newer territories. Greenply is one of the first few Indian companies to set up a manufacturing unit located in the NKOK Special Economic Zone in Gabon, West Africa. Gabon is the place where we have found a sustainable and economic solution to restore the ecological imbalance caused by the cutting of Gurjan trees,” said Rajesh Mittal, Managing Director, Greenply Industries Ltd.