Everest Industries' board of directors (BOD) has approved a capex of Rs 187 crore to set up a new boards and panels plant through a wholly owned subsidiary or by the company at KIADB Industrial Area at Chamarajanagar district, Karnataka.

The company expects the expansion to enhance the existing capacity of 210,000 tpa to 301,000 tpa and will be operational by 30 June 2024.

The company will fund the capex through internal accruals and debt.