Greenply Industries Ltd plans to invest 3.7 billion rupees (US$90m) over the next two years in MDF and laminate production in northern India.
Greenply, which reported revenues of US$125.6m for 2007/2008, controls a quarter of India’s organised plywood market and a sixth of the laminate market.
The company said it expected annual revenue of US$83.4m from the MDF plant in Uttarakhand state – scheduled to go on-line in March 2010 – and US$55.6m from the laminates plant in Himachal Pradesh state, expected to start up in October 2009.