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Greenply invests 11 million pounds in Africa's timber unit.

A leading company in the organised plywood industry Greenply Industries Ltd., has made an initial investment of €11 million (around ₹941 million) in a manufacturing unit in Gabon in West Africa.

The facility comprises a 96,000 cubic metre capacity for making Okoume Timber face veneers on 10 hectares in a special economic zone. This would requrire using the natural hardwood Okoume timber, which will be harvested through a sustainable forest management plan. The company said in a statement that Another dose of €4 million (around ₹342 crore) investment would be made by March 2019 with full capacity utilisation being achieved by 2020-21.

GIL managing director Rajesh Mittal said that it was among the first few industries to set up a manufacturing unit in Gabon where the company has discovered a sustainable and economic solution to using gurjan trees (now being done in India). GIL said that is engaged in manufacturing and marketing of decorative veneers, plywood, flush doors and block boards with seven units, of which one is in Myanmar and now another in Gabon. The company also also stated that it is considering to expand operations in East Africa.

Source : Bizmart
Posted on :1/15/2019