Laminate manufacturer Greenlam Industries will invest Rs 175 crore to set up a manufacturing facility at Nellore in Andhra Pradesh, the company said on Wednesday.
The new unit would add 1.50 million laminate sheets/boards per annum of the company, Greenlam Industries said in a regulatory filing.
This is to cater the growing demands in the domestic and international markets, it added.
"We would like to inform you that the Board of Directors of Greenlam South Limited (GSL), a wholly-owned subsidiary of Greenlam Industries, has approved to set up a manufacturing facility at Naidupeta, Nellore in Andhra Pradesh for manufacturing of Laminates and allied products," it said.
It would be financed through "mix of debt and capital infusion from Greenlam," it added.
GSL has been provisionally allotted by Andhra Pradesh Industrial Infrastructural Corporation (APIIC), land admeasuring 65 acres approx in Naidupeta, Nellore, Andhra Pradesh.