HG Industries Ltd, a subsidiary of Greenlam Industries Ltd had earlier announced regarding setting-up of a greenfield project for manufacturing of Plywood and Allied products at Tindivanam, Tamil Nadu, with an estimated investment of ₹ 125 Crore.
The said manufacturing facility having installed capacity of 18.9 million square meter per annum has commenced commercial production w.e.f. June 09, 2023, which has a potential to generate revenue of Rs. 400 Crores per annum on full capacity utilization. The total capex incurred for the project stands at Rs. 130 Crores approx till commencement of the commercial production.
The Plywood product will be marketed by the Company under the brand MikasaPly.