HGIL to set up greenfield project for plywood in Tamil Nadu

Himalaya Granites Industries Limited (HGIL) has approved the proposal to set up a greenfield project for manufacturing plywood and allied products in Tindivanam, Tamil Nadu. The proposed capacity for the project is 18.9 million sq m. The project is expected to be commissioned by the fourth quarter (Q4) of FY22-23. The company told the media that the greenfield project requires an investment of Rs 125 crore, which will be raised through debt and financial support from Greenlam Industries Limited. Its new capacity will meet the growing demand in the domestic market. The company has also approved the shifting of the registered office from Tamil Nadu to Delhi National Capital Territory (NCT) and changes in Clause II of the Memorandum of Association (MoA), subject to the approval of the board members by special resolution and other necessary approvals needed by the company. Image Source Also read: Greenply Industries enters MDF business with Rs 548 cr investment