Uniply Industries - Outcome Of Board Meeting

Uniply Industries Ltd has informed that the Board of Directors of the Company at its meeting held on April 30, 2007, inter alia, has transacted the following:1. The Board of Directors had approved for 100% foreign direct investment in a Foreign Company i.e. M/s. Surge Trading Ltd a Honk Kong Based Company. After this investment M/s. Surge Trading Ltd will become a Wholly Owned Subsidiary of the Company. The exercise will however be completed after complying formalities & procedures as per FEMA and other applicable statutes. This is for the purpose of facilitating import and export activities of the Company.2. The Board of Directors had approved and ratified the MOU for acquiring Estate at Theni District, Tamilnadu. The Cost of the project will be around Rs 6.00 Crores. On acquiring this estate the Company can source its basic raw material on a perpetual basis.