Greenply announces manufacturing unit in Gabon worth 11 mn euros

Plywood major Greenply Industries Ltd on Tuesday said it has set up a manufacturing unit at Gabon in West Africa at a capex of about euro 11 million.

"The facility located at the NKOK Special Economic Zone is spread over an area of 10 hectares, manufacturing Okoume face veneers. The facility has a total processing capacity of 96,000 cubic meters (CBM) of Okoume timber annually," the company said in a release.

The company plans to scale up its processing capacity from the existing 3,000 CBM per month to 8,000 CBM per month by March 2019, with an additional investment outlay to the tune of euro 4 million, it said. "We are constantly working on capacity building and securing resource availability.

Gabon is the place where we have found a sustainable and economic solution to restore the ecological imbalance caused due to the cutting of Gurjan trees," Greenply MD Rajesh Mittal said.