Greenply Industries said Tuesday it has set up a new manufacturing facility with an investment of 11 million euros (approx Rs 94 crore) in Gabonese Republic (Gabon) in West Africa.
"The company has put an initial investment of close to Euro 11 million towards installing this facility which has a total processing capacity of 96,000 cubic metres (CBM) of Okoume timber into face veneers annually manufactured out of Okoume timber," Greenply Industries said in a statement.
The company plans to scale up its processing capacity from current 3,000 CBM per month to 8,000 CBM per month by March 2019 with an additional investment outlay in the tune of Euro 4 million (Rs 34 crore) to be made into the facility.
The company said it targets to hit a capacity utilisation of 55 percent by 2018-19 and scale up to 100 per cent by 2020-21.
Greenply Industries said it plans to start its own forestry operations in 2019 to augment its raw material supplies. The manufacturing unit is located in NKOK Special Economic Zone in Gabon, West Africa.
Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
