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HG Industries to set up greenfield plywood manufacturing facility in Tamil Nadu; Stock jumps 5%

The new capacity will cater to the growing demands in the domestic market.

December 14, 2021 12:12 IST | India Infoline News Service
Stock Market Trader, Stock Trader, Trading
The Board of Directors of HG Industries Limited (formerly Himalaya Granites Limited) (HGIL) on December 13, 2021, has approved the proposal to set up a greenfield project for manufacturing of Plywood and allied products at Tindivanam, Tamilnadu.

As per regulatory filing, the Proposed capacity addition will be 18.9 million square meter and the project is expected to be commissioned by 4th quarter of Financial Year 2022-23.

The investment of Rs125cr is required for the project and will be raised through a mix of debt and financial support from Greenlam Industries Limited, said company on Tuesday.

The new capacity will cater to the growing demands in the domestic market.

Further, the board also approved the shifting of registered office of the Company from the "State of Tamilnadu" to the "National Capital Territory of Delhi", and consequent changes in the Clause II of the Memorandum of Association ("MoA") of the Company subject to the approval of the members by way of special resolution and other necessary approvals, wherever required.

At around 12:13 PM, HG Industries was trading at Rs60.70 per piece higher by 4.93% on Sensex.

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