02-Jun-2023
This is to inform that the Board of Directors of the Company at its meeting held on 30th May 2023 has inter alia considered and approved the disposal and/or discardment of properties plant & equipment and other current assets of Greenply Industries (Myanmar) Private Limited a subsidiary of Greenply Alkemal (Singapore) Pte. Ltd. due to difficulty in continuing its operation on account of political developments resulting in adverse business environment in Myanmar. Greenply Alkemal (Singapore) Pte. Ltd is a Joint venture between companys subsidiary Greenply Holdings Pte. Ltd and Alkemal Singapore Pte. Ltd.This has resulted in share of loss from Joint venture of Rs 20.75 Crs during the year. Consequently the management has estimated and recognized an impairment loss of Rs.16.389 Crs during the quarter and year ended 31st March 2023 in the books of Greenply Industries Limited.For more detail please refer the letter.
