The project is scheduled to be commissioned by October 2009.
Also, the company is planning to set up a greenfield medium densified fibre board (MDF) plant in Uttaranchal at an investment of Rs 250 crore.
The plant with an installed capacity of 1.8 lakh cubic board metre (CBM) is likely to start commercial production by March 2010.
Both the projects are financed by a combination of 30-35 per cent of equity/internal accruals and remaining by way of debt.
MDF plant is likely to achieve 100 per cent capacity utilisation by 2010 while laminates plant by 2012.
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