Greenply Industries Ltd., a major company in the Indian plywood industry, has made an initial investment of €11 million in a manufacturing unit in Gabon in West Africa, India Times reported.
The facility comprises a 96,000 cubic metre capacity for making Okoume Timber face veneers on 10 hectares in a special economic zone, using the natural hardwood Okoume timber, which will be harvested through a sustainable forest management plan. Another dose of €4 million investment would be made by March 2019 with full capacity utilisation being achieved by 2020-21, the company said in a statement, as quoted by India Times.
Greenply's managing director Rajesh Mittal said that it was among the first few industries to set up a manufacturing unit in Gabon where the company has found a sustainable and economic solution to using gurjan trees (now being done in India).
Greenply is engaged in manufacturing and marketing of plywood, block boards, decorative veneers and flush doors with seven units, of which one is in Myanmar and now another in Gabon, the company said.