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Corporate News

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(26 Dec 2023, 13:32)

Board of Greenply Industries approves divestment of 51% stake in Greenply Middle East, Dubai

At meeting held on 26 December 2023

The Board of Greenply Industries at its meeting held on 26 December 2023 has approved transfer of 51% stake and cessation of controlling interest held in Greenply Middle East (GMEL), Dubai, a Wholly Owned Material Subsidiary, to Investor Group formed by Indraneel Bhan and Sudeep Jain, subject to the approval of the members of the Company and other necessary approvals, as may be required.

Consequent to the above, Greenply Middle East (GMEL), Dubai will cease as the subsidiary of the Company.

The transaction is expected to be completed by end of April 2024 for a consideration of USD 1,573,836.

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