Greenply Industries to acquire GIL International

New Delhi, Jul 28 (UNI) Interior infrastructure manufacturer Greenply Industries Ltd (GIL) today said that it will acquire Singapore-based GIL International Pte Ltd as its wholly-owned subsidiary.

In adittion, the company would enhance the production capacity of its Laminate unit situated at Behror, Rajasthan by 33 per cent and will explore the possibility of setting up a new unit of Laminate.

Meanwhile, the company today registered a 50 per cent increase in its net profit at Rs 4.51 for first quarter ended June 30, 2006, as against Rs 3 crore during corresponding period last year.

Strong sales growth across its product categories of plywood, laminate, decorative veneer and particle board helped GIL post a 51 per cent rise in revenue at Rs 102.36 crore for Q1.

''A combination of cost reduction measures, higher capacity utilisations, change in product mix, improved product visibility and buoyancy in the market had led to the improved margins,'' GIL Joint Managing Director Saurabh Mittal said in a statement.

GIL, a Rs 300 crore interior infrastructure company, accounts for 25 per cent of its organised plywood and 14 per cent of its organised laminate market.

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