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Greenply targets up to Rs 2K cr sales from panel division

Greenply targets up to Rs 2K cr sales from panel division
New Delhi: Greenply Industries is eyeing up to Rs 2,000 crore turnover from its engineered panel division, which mainly consists of medium-density fibreboard products, by 2019-20 on the back of a new production facility in Andhra Pradesh that may begin commercial production by July.
The new plant, set up with an investment of Rs 800 crore is located in Chittoor, Andhra Pradesh, and will cater to the demand from South India and exports.
Greenply's engineerined panel division on Monday also announced re-branding of its brands Green Panelmax and Green Floormax to Greenpanel.
"We have set a target of Rs 1,800-2,000 crore turnover from engineered panel division by financial year 2019-20 from about Rs 775 crore at present. We will achieve this target on the back of our new production facility in Andhra Pradesh.
"Through this plant we will launch new products in the Southern market, which we were not able to do earlier due to freight costs," Greenply Industries joint MD and CEO Shobhan Mittal said.
The Chittoor medium-density fibreboard (MDF) plant would have an annual production capacity of 3,60,000 cubic meters (CBM). Greenply has an MDF plant in Pantnagar, Uttarakhand.
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