Greenply Industries, an interior infrastructure company based in India announced that the Board of directors at their meeting held on May 10 has approved incorporation of a wholly owned subsidiary of the company in India for manufacturing of plywood and its allied products.
The Board also approved setting-up of a new unit in Hardoi, Uttar Pradesh, for manufacturing of plywood and its allied products by the said proposed wholly owned subsidiary. Investment required approximately Rs.750 million (excluding cost of Land and License approx. Rs. 400 million) to set up the plywood and its allied products plant in wholly owned subsidiary.
Shares of the company gained Rs 4.5, or 2.24%, to settle at Rs 205.20. The total volume of shares traded was 41,622 at the BSE (Monday).