India's pioneer brand in plywood products, Greenply has signed a joint venture with an existing plywood producing company located in Bareilly. According to sources, the company named Nemani Panels located in Parsakheda Industrial area will have a capacity of 25000 Na production per day. The entire product range will be calibrated and prepressed to cate to the growing volumes of Greenply plywood in the country.
According to reports, Greenply Industries ltd has entered into an agreement for an investment of Rs. 1.80 crore, i.e., 30 per cent in the equity share capital of Nemani Panels. The new plant is going to start production by the end of this year. The strategic move by Green Ply is targeted to have manufacturing base closer to raw material resource where as the key focus to remain on marketing and wider spread of brand in post GST scenario in Indian market.
Nemani Panels is a newly incorporated company for setting up a manufacturing unit of Plywood and allied products at Bareilly, promoted by Bareilly Plyboards, an existing company manufacturing and selling Plywood products. The new company shall be producing all range of plywood with calibration and quadrapro process. The commencement of the modern plant has already started and moving on in full swing. The technical team handling the setting up of the new plant is targeting its trial production by beginning of the third quarter in current year.
Mr Rajesh Mittal, Managing Director, Greenply Industries said that they are expanding their reach in deeper pockets of the country thus expecting a decent double digit growth in current financial year. “Our new manufacturing bases with tie-ups will support the objective of providing very good quality product with full thrust on marketing and providing a competitive product to the emerging Indian middle class,’ Mr Rajesh Mittal added.
Greenply Industries is engaged in manufacturing of plywood, laminates, decorative veneers, particle boards and Prelam particle boards. The March 2019 quarter revenue stood at Rs. 5, 161.66 million, up 18.08 per cent as compared to Rs. 4, 371.33 million during the corresponding quarter last year. The over all growth is upward despite of the ongoing sluggish phase in the market.