Greenply Industries to Expand MDF Plant Capacity, Acquire JV Shares and Invest in Subsidiary

Greenply Industries Ltd. announced that its Board of Directors approved the expansion of manufacturing capacity of its MDF plant, the acquisition of 50% shares in a Joint Venture Company, and further investment in its wholly owned subsidiary, Greenply Speciality Panels Private Limited. The capacity expansion will require an investment of approximately INR 425 crores, and the company plans to increase the MDF production capacity by 600 - 700 CBM per day. The acquisition of JV shares will be executed by Greenply Holdings Pte. Ltd., Singapore, for a total consideration of USD 1. The company will invest up to INR 125 crores in one or more tranches in equity shares of Greenply Speciality Panels Private Limited for the proposed expansion of the MDF plant.