Greenply Industries to invest 4 mn euros in Africa plant
Greenply Industries said it is investing four million euros to scale up the manufacturing capacity at Gabonese Republic (Gabon) in West Africa.
The Gabon veneer manufacturing facility, which was set up with an initial investment of 11 million euros and has a annual processing capacity of 96000 cubic meters (cbm) of Okoume timber, will get the fresh infusion to scale up its processing capacity from 3,000 cbm per month to 8,000 cbm by March 2019, a company release stated.
The facility, located at the NKOK Special Economic Zone, manufactures Okoume face veneers with thickness ranging from 0.2mm and upwards.
“We are constantly working on capacity building and securing resource availability. The company plans to scale up its processing capacity with an additional investment outlay to the tune of 4 million euros,” said Rajesh Mittal, managing director, Greenply Industries.
The company, commanding a 26 % market share in the organised plywood market of India, hopes to utilise 55 % of its total capacity by the end of this financial year and 100 % utilisation by 2020-21 fiscal.