Wood panel and Decorative products manufacturer Century Plyboards has provided updates on the progress of its ambitious Rs 550-crore greenfield factory project.

According to Keshav Bhajanka, Executive Director of the company, the project is advancing at a commendable pace, instilling confidence in the company's ability to commission the facility by the financial year 2025.

Bhajanka expressed optimism about the particle board capacity expansion project and stated, “The pace of work is good, and we are looking to start the plant within FY25, and we are bullish on the particle board capacity expansion project,” in a statement.

The current capacity of Century Plyboards' particle board business stands at 72,000 cubic meters per annum. The upcoming factory, situated in Gummidipoondi near Chennai, is slated to possess an enhanced capacity of 2.4 lakh cubic meters per annum. Initially, the focus will be on catering to the robust demand in the domestic market.

Notably, the particle board's capacity utilization recorded an impressive 101 per cent in FY23, following a similarly robust 102 per cent in FY22. The upcoming factory is expected to generate employment opportunities for more than 300 individuals directly.

Situated on a sprawling 30-acre site, approximately 30 km from the existing factory in Gummidipoondi, the new facility signifies Century Plyboards' commitment to expanding its manufacturing capabilities. The strategic location aims to streamline operations and enhance overall efficiency in serving market demands.