Mars Plywood to invest Rs 100 crore

Mars Plywood plans to invest Rs 100 crore over the next one year to expand its plywood veneer business and for acquisition of tea gardens in north Bengal.

Speaking at a press conference here today, R L Agarwal, Managing Director, Mars Plywood, said, “We have definite expansion plans in place at our existing plants at Dankuni, Dhupguri and Odlabari. With the efforts of our team and new technology, we are aiming at expanding our product range from Plywood to Decorative Veneer and so on.” The company also plans of merge its subsidiaries such as Priyanka Plywood, Videsh Plywood and Rajani Plywood in the Mars Plywood brand over the next year. The company has been on an expansion drive in the recent past. It acquired National Plywood Ltd in Kerala to meet the demands of south Indian market. This was an attempt to cut down on the logistics costs.

Agarwal said, “We have gained a substantial market share in the western and southern markets which has prompted us to take over a manufacturing unit in the South to help us cater to the western and the southern markets effectively.”

Mars Plywood is the largest importer of timber in India with an annual production capacity of 1,82,5000 cft and an annual turnover of Rs 500 crore. "The expansion drive will be financed by State Bank of India," said Agarwal.