Asian Paints to invest Rs. 2000 crore to set up a new paint manufacturing facility at Madhya Pradesh
Biznextindia : The board of directors of Asian paints has accorded their approval for setting up a new water-based paint manufacturing facility with a capacity of 4 lakhs kilolitres per annum at an investment of Rs. 2,000 crores. The new plant is planned to be set up at Madhya Pradesh.
“The Board of Directors of the Company at their meeting held on 6th January, 2023 have accorded their approval for setting up a new water-based paint manufacturing facility with a capacity of 4 lakhs kilolitres per annum at an approximate investment of Rs. 2,000 crores. The manufacturing at the facility is expected to be commissioned in 3 years, after acquisition of land. The Company is exploring the possibility of making this investment and setting up the manufacturing facility in the state of Madhya Pradesh, subject to grant of requisite incentives by the Government of Madhya Pradesh and such other approvals and clearances, as may be required” the company said a regulatory filing.
“The Company would use latest manufacturing technology to produce paints and intermediates in the proposed manufacturing facility in an environment friendly manner” it added.
Asian Paints is India’s leading paint and decor company and ranked among the top ten Decorative coatings companies in the world with a consolidated turnover of ₹ 291 billion. The company along with its subsidiaries have operations in 15 countries across the world with 27 paint manufacturing facilities, servicing consumers in over 60 countries. In India, the company has 11 manufacturing plants located in Ankleshwar & Sarigam (Gujarat), Patancheru (Telangana), Kasna (Uttar Pradesh), Sriperumbudur & Cudalore (Tamil Nadu), Rohtak (Haryana), Khandala & Taloja (Maharashtra), Mysuru (Karnataka), Visakhapatam (Andhra Pradesh).