Century Plyboards (India) acquires 51% stake in Innovation Pacific Singapore

Century Plyboards (India) has acquired 51% stake in Innovation Pacific Singapore, a company incorporated in Singapore by way of subscription to its share capital through ODI (automatic) route. This step has been taken in view of availability of raw materials and other business opportunities in various South-east Asian countries. The company has acquired it for cash consideration of approximately Rs 1.07 crore. The company has plans to further invest approximately Rs 7 crore in the near future.

Innovation Pacific Singapore was incorporated in Singapore on October 28, 2015 with the object of undertaking wholesale trading of logs, sawn timber, plywood and related products. It also has the object of investing in and development of Industrial Parks.

Century Plyboards is largest seller of plywood and decorative veneers in the Indian organized plywood market. The manufacturing facility of company is located at Bishnupur near Joka, Kolkata.