The functional furniture hardware would include slide systems for wooden and metallic drawers, hinge systems, lift-up systems and other connection fittings, etc.

SAMET B.V. is a company duly incorporated under the laws of Netherlands and is based in the Amsterdam city of Netherlands.

Greenply stated that it would invest an amount of approximately Rs 34 crore in the joint venture over a period of next 4 years.

The company's board has also approved incorporation of a joint venture (JV) company in the name of "Greenply Samet India Private Limited". The said JV company to be incorporated shall be on equal shareholding basis (1:1) as a private limited company in accordance with Indian laws.

Greenply manufactures plywood in India for furniture & other applications along with blockboards, doors, decorative veneers, PVC & more.

The company had reported a consolidated net profit of Rs 36.04 crore, up by 20.86% in Q4 of FY22 compared to the same period last year. Net sales for the quarter ended in December 2022 was Rs 428.19 crore, a 1.69% increase from the previous year.

Greenply will announce its earnings for the quarter and the year ended 31 March 2023 on 13 February 2023.