Announced to expand the capacity by adding 20% to its existing laminate capacity, to streamline the additional capacity by Q3 FY16
The company to enter flooring business through their brand ‘Mikasa’
NewZNew (Chandigarh) : Greenlam Industries, the leader in the surface decor with their offering in laminates and veneers got listed on the National Stock Exchange and Bombay Stock Exchange today. With a complete leadership in the domestic and international market from its laminate and veneer offerings, with time have diversified into new product line and have been successful in capturing the markets that they have entered into.
Last year, Greenply Industries had announced the demerger of its collective business and formed Greenlam Industries to manage the group’s decorative business with all its assets and liabilities. With the listing of Greenlam Industries today, each shareholder of Greenply Industries is entitled to receive equivalent number of shares of Greenlam Industries Ltd. as per the demerger agreement announced earlier.
The listing saw the shares of Greenlam Industries opening at Rs. 463.25 and Rs. 450.75a unit on NSE and BSE respectively.
Speaking on the listing Mr. Saurabh Mittal, Managing Director and CEO, Greenlam Industries said “Greenlam Industries, the erstwhile decorative division of Greenply Industries has grown close to Rs. 800 crores topline business in FY13-14. Greenlam Industries has leadership in domestic and international markets for laminate business, leadership in the decorative veneer business in the domestic market and have launched new products in the decorative surface space, which have tremendous potential to grow in the future. We realized the importance of dedication and management focus in the segment of decorative products and surfacing material. The demerger was a step towards creating an independent identity to bring in more focus on the decorative surface products, add alike products in the segment and accordingly optimize resource allocation. ”.
Greenlam announced to expand the capacity by adding 20% to its existing laminate capacity and aims to streamline the additional capacity by Q3 FY16.
The company has also entered the engineered wood-flooring segment through its brand name Mikasa. The engineered wooden flooring business in India is witnessing a 20% – 25% growth per year. With Mikasa, Greenlam Industries will be the first company to enter into manufacturing and marketing of engineered wood flooring in the country, making the space competitive as well as innovative. Greenlam is also launching factory finished doors and frames in a organized manner for the first time in the industry. The door plant with a capacity of 1,20,000 doors a year, will be put at the existing Behror plant, Rajasthan.