Under a proposed Greenply Samet restructuring, Samet B.V. will invest $30–40 million over the next two to three years in its furniture fittings joint venture with Greenply Industries, while assuming majority operational control. The investment will be deployed towards capacity expansion, product localisation, working capital, market development and deeper market penetration.
Following this restructuring, Samet’s voting interest in Greenply Samet will increase from 50% to approximately 81%, while Greenply Industries’ voting interest will reduce to approximately 19%. Samet will take control of the operational and day-to-day management of the business, except for specified reserved matters.
The proposed Greenply Samet restructuring was disclosed by Greenply Industries in a September 11, 2026 filing with the stock exchanges, following approval by its Board. The parties have entered into a binding Head of Terms, with definitive agreements, including an amended and restated shareholders’ agreement, to follow. The transaction is expected to be completed by January 2027, subject to the required approvals and conditions.
Samet is a family-run Turkish enterprise that has been manufacturing furniture fittings since 1978. It today offers more than 6,000 products and exports to over 80 countries across five continents. Its manufacturing facilities at Çerkezköy, Türkiye, extend over 80,500 sq m, including 32,000 sq m of enclosed production space.
Greenply to Retain Economic Interest
The Greenply Samet restructuring creates a distinction between Greenply Industries’ voting rights and its economic interest in Greenply Samet. While Greenply’s voting interest will reduce to approximately 19%, it will initially retain an economic interest of around 43% in
the venture, which will progressively reduce until the economic and voting interests become equal.
Greenply will cease further equity funding into the venture. Following completion of the transaction, Greenply Samet will also cease to be an associate company of Greenply Industries.
Greenply has said that it will continue to support the alliance strategically, when required, through its minority economic interest.
Fresh Capital for Expansion and Localisation
Greenply Samet was established as a 50:50 joint venture between Greenply Industries and Samet to manufacture and market functional furniture hardware in India. The partners had earlier invested close to ₹250 crore towards setting up the Indian business, including its
manufacturing facility at Vadodara.
Commercial production at the Vadodara plant commenced in March 2024, initially with hinges and telescopic slides. Greater product localisation is among the stated objectives of the proposed fresh investment. Greenply Samet has also begun exporting selected products manufactured at Vadodara to Samet’s international operations.
Under the Greenply Samet restructuring, the proposed $30–40 million capital infusion will be deployed towards manufacturing capacity, product localisation, working capital and market development, with Samet assuming majority voting control of Greenply Samet.
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