This strategic initiative will allow the company to cut down on its import bill
Sirca Paints India Limited has entered into an exclusive Manufacturing license Agreement with Sirca S.p.A (Italy) to manufacture 10 different Polyurethane wood coating products in India, which were earlier imported from Sirca S.p.A (Italy) by the Company.
Further, the aforesaid products roughly make up 50-55% of the Company’s total sales, Sirca S.p.A (Italy) will be providing the technical know-how to the Company in order to manufacture these products as per the Italian quality standards, moreover, Sirca S.p.A (Italy) will also be supplying the Company with the key raw material i.e., resins, for manufacturing these products in India for the first 3 months, post that these resins will be produced / procured in India.
This strategic initiative will allow the company to cut down on its import bill and inventory days of finished goods, increase its manufacturing in India, and strengthen its operations.
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