Laminate manufacturer Greenlam Industries Ltd. has acquired the laminate manufacturing facility of Gujarat based Bloom Dekor Limited in an INR 36.0 crore deal.
With this acquisition, Greenlam will now have four strategically located laminate manufacturing facilities in India, situated at Behror (Rajasthan), Nalagarh (Himachal Pradesh), Naidupeta (Andhra Pradesh – Under Construction) and now Prantij (Gujarat).
This acquisition will reinforce Greenlam to be at India’s leading position in the laminate industry with the overall capacity of 24.521 mn sheets. This acquisition will open new horizons for Greenlam to expand its offerings to the market by entering mass market segment of laminates. It will also allow expansion of network in semi-urban and rural areas and give leverage to its current offerings, the statement said.
The deal encompasses acquisition of entire land, building, plant, and machinery of laminate division of Bloom Dekor Limited, a statement said.
Speaking on the occasion, Saurabh Mittal, Managing Director & CEO, Greenlam Industries Ltd. said “Manufacturing has always formed the core of Greenlam Industries operations. With the acquisition of Bloom Dekor’s manufacturing facility, we will further strengthen our market leadership in laminates and penetrate into the mass market segment which forms a significant share of the overall category. This move is significant as it reiterates the company’s vision of manufacturing world class surfacing products. In addition to this, we also announced issuance of fresh equity shares on preferential basis to the extent of Rs. 195 crores, on June 20, 2022. With the earlier announcement of capex to invest Rs.950 crores over a period of 2-3 years, towards setting up of third Laminate plant and entry into Plywood and Particle Board business along with fund raise and this acquisition, Greenlam is well poised to embark on the journey to the Next Orbit.”
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.