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Greenpanel will contribute 60% of Greenply's revenue in two years, says Amit Oberoi

After the successful rebranding of its medium density fibreboard product as Greenpanel, Greenply hopes the new-age panel product would lead the group’s revenue. The company has set up a new plant in Andhra Pradesh at an investment of Rs 800 crore

Amit Oberoi

The Engineered Panel Division (EPD) of Greenply Industries Limited, which deals in Medium Density Fibreboard (MDF), has been rebranded as Greenpanel. With its MDF brand Greenpanel, the company wants to transform the old furniture-making ways of India.

"The Indian furniture market is still stuck on the old ways of making furniture. We see a huge gap between what the consumer needs and what the market offers right now. The objective, therefore, behind this is to give our discerning consumers the best in the wood panelling industry. We are basically redefining our commitment towards innovation in this industry. We are the leaders in the MDF industry ever since we forayed into MDF and that is exactly what we want to carry on with this rebranding,” Amit Oberoi, Head Marketing, Greenply Industries Ltd., said.

The rebranding effort has been a collaborative effort between Ogilvy and Mather and the Engineered Panel Division of Greenply. MDF is stronger than plywood and is extensively used in the US and Europe.

Speaking about why they just thought this was the right time to embark on a rebranding exercise, Oberoi said, “We forayed into the MDF business a long time back and when we did that, it was against all odds because at that point in time MDF wasn’t accepted as a product. But from then to now, MDF has been contributing significantly to the turnover of the group. For example, right now, we contributed 30% of the revenue from the MDF business. So we see this as the perfect time in the interest of the stakeholders and our investors for good value creation by investing in this separately. This is the right time for a rebranding exercise.”

Currently, Greenply Industries accounts for 26% of the organised plywood market in India and 30% market share in domestic MDF market. Oberoi believes that MDF will be contributing about 60% to Greenply Industries’ overall turnover in two years’ time.

 “We believe that MDF will be the main driver for the company in the coming years. MDF is the wood of the future,” said Oberoi.

While Oberoi refused to comment on the sort of investment that has gone behind this rebranding, he did mention the launch of new plant in Andhra Pradesh at an investment of Rs 800 crore.

“We are rolling out a new plant. With this plant, brand Greenpanel becomes Asia’s largest MDF producer,” said Oberoi.

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