NEW DELHI: Greenply Industries is eyeing up to Rs 2,000 crore turnover from its engineered panel division, which mainly consists of medium-density fibreboard products, by 2019-20 on the back of a new production facility in Andhra Pradesh that may begin commercial production by July.
The new plant, set up with an investment of Rs 800 crore is located in Chittoor, Andhra Pradesh, and will cater to the demand from South India and exports.
Greenply's engineered panel division today also announced re-branding of its brands Green Panelmax and Green Floormax to Green panel.
"We have set a target of Rs 1,800-2,000 crore turnover from engineered panel division by financial year 2019-20 from about Rs 775 crore at present.
We will achieve this target on the back of our new production facility in Andhra Pradesh.
"Through this plant we will launch new products in the Southern market, which we were not able to do earlier due to freight costs," Greenply Industries joint MD and CEO Shobhan Mittal told PTI.
The Chittoor medium-density fibreboard (MDF) plant would have an annual production capacity of 3,60,000 cubic meters (CBM).
Greenply has an MDF plant in Pantnagar, Uttarakhand.
"Post the commissioning of the new plant in Chittoor, with an already operational Rudrapur plant in Patnanagar, Uttarakhand, the company will have a combined annual capacity of 540,000 cubic metres," the company said.
"We also expect share of exports in our sales to go up from 10 per cent at present to 30 per cent by the end of next fiscal," he added.
Greenply Industries exports MDF products to west Asian countries and SAARC nations.
In financial year 2016-17, Greenply Industries had reported a turnover of Rs 1,655 crore.
The company is yet to report financial numbers for 2017-18.