Greenply forays into MDF business

Greenply Industries has forayed into the medium density fiber (MDF) boards business. The greenfield manufacturing plant would be setup in Vadodara, Gujarat, with an estimated cost of Rs 548 crore. The Board of Directors announced the acquisition of Baahu Panels as a wholly owned subsidiary.

The plant with an installed capacity of 800 cubic meter per day would have a revenue potential of Rs 600-650 crore per annum at its peak utilisation. It's expected to commence operations by Q4FY23 and will produce sub-categories of MDF including thin & thick, pre-lam and other value-added products.

Manoj Tulsian, CEO & JMD, said, “The MDF industry is expected to grow rapidly due to its versatile application. This investment will help us to capitalize on this long-term opportunity and establish our leadership in western untapped market."