Excelsior Correspondent
JAMMU, Dec 23: Greenlam Industries Limited, among the world’s top 3 laminate manufacturer today announced prominent plans for a fast-tracked expansion of the company. The company aims to invest Rs 950 crores over a period of 2 to 3 years, towards setting up of third Laminate plant and foray into plywood and particle board business.
Witnessing a spiral demand in the wood panel segment, the company has taken the next leap and decided to expand its portfolio by venturing into two adjacent categories–plywood and particle board and also setting up third Laminate plant. This expansion will position Greenlam from a decorative surfacing company to a leading integrated wood panel player.
Committed to excellence in manufacturing and being a leader in providing surface solutions globally, the Laminate, Plywood and Particle Board offerings will accelerate Greenlam Industries market opportunity and will add new revenue engines to its growth.
Greenlam expects to commence the commercial production of plywood and laminate by Q4FY23 and particle board by Q4FY24.
Speaking on the developments, Saurabh Mittal, Managing Director and CEO, Greenlam Industries Limited said “Over the years, we have come a long way in establishing a leadership position for Greenlam Industries, both in India and International markets. As a front-runner in the category, we have always been motivated to break-barriers and seek opportunities for disruptive growth. These Greenfield manufacturing projects will involve a capital outlay of Rs 950 crores over a period of 2-3 years”.
“Our entry into the plywood and particle board business and Laminate capacity expansion, reinforces our commitment to becoming a one-stop destination for all surfacing and substrate needs”, Mittal added.
He informed that the company in its Board Meeting approved to split its equity share with face value of Rs 5 each into five equity shares of face value of Re 1 each and consequential alteration of Clause V (Capital Clause) of the Memorandum of Association of the Company, subject to the approval of shareholders of the company and such other approvals, if required.
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