HG Industries Limited to set up greenfield plywood manufacturing facility at Tindivanam, Tamilnadu.

The Board of Directors of HG Industries Limited (formerly Himalaya Granites Limited) (HGIL), at its meeting held on December 13, 2021, has, approved the proposal to set up a greenfield project for manufacturing of Plywood and allied products at Tindivanam, Tamilnadu.

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 Rs. 125 crores for the above project will be raised through a mix of debt and financial support from Greenlam Industries Limited.

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

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.

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