Plywood and decorative veneers maker Greenply Industries announced that it has signed a joint venture agreement with Netherlands-based Samet BV to establish a manufacturing unit in Andhra Pradesh, India. The plant will produce high-quality particle boards and thermally fused melamine-faced boards for both the Indian and international markets. The company has not disclosed the investment amount for this project.
Greenply Industries is a leading player in the Indian plywood and laminate industry, and the joint venture agreement with Samet BV is expected to further strengthen its position in the market. The company has a vast distribution network, and its products are sold under the popular brand names of Greenply Plywood, Greenlam Laminates, and Decowood Veneers.
According to the company, the joint venture aligns with its commitment to sustainable development and environment-friendly practices. The new plant will have a production capacity of 150,000 cubic meters of particle boards and 15 million square meters of melamine-faced boards annually. The plant will also create employment opportunities in the region, supporting the government’s initiative of making India self-reliant and contributing to the nation’s economic growth.
The joint venture agreement with Samet BV is part of Greenply Industries’ long-term strategy to expand its product portfolio and cater to a broader customer base. The company’s foray into the high-margin particle board and melamine-faced board segments is expected to boost its revenue growth and profitability in the coming years.
Greenply Industries’ net profit rose 41.5% YoY to Rs 41.69 crore in Q3FY22. Its revenue from operations during the quarter stood at Rs 697.64 crore, up 35.3% YoY. The company has reported a net profit of Rs 283 crore in Q4, an increase of 11% YoY, driven by strong demand and better realisation of prices.
The joint venture agreement with Samet BV is subject to regulatory approvals, and the plant’s commercial production is expected to commence in the next two years. The project is in line with Greenply Industries’ vision of becoming a world-class manufacturer of wood-based products while promoting sustainable practices and contributing to the nation’s growth.
