Greenply forays into MDF boards business

Greenply Industries is foraying into medium density fiber (MDF) boards business by setting up a greenfield manufacturing plant in Vadodara district of Gujarat with an estimated cost of Rs. 548 crore.

For this purpose, the Board of Directors of the company announced the acquisition of Baahu Panels as a wholly-owned subsidiary, said a press release.

The plant with an installed capacity of 800 cubic metres (CBM) per day would have the revenue potential of Rs. 600-650 crore per annum at its peak utilization, it said further. It is expected to commence operations by Q4FY23.

The company has plans to produce all products sub-categories of MDF including thin & thick, pre-lam and other value-added products in a phased manner, added the release.

Manoj Tulsian, CEO & JMD of the company, said, “With the change in consumers demand in the current scenario, MDF industry is expected to grow rapidly due to its versatile application and this trend is here to persist. This investment will help us to capitalise on this long-term opportunity and establish our leadership in western untapped market.”