By: ICN Bureau
Last updated : January 09, 2023 9:45 am
The Board of Directors have accorded their approval for setting up a new water-based paint manufacturing facility with a capacity of 4 lakhs kilolitres per annum
Asian Paints LImited, India’s leading paint and decor company and ranked among the top ten decorative companies in the world, is planning to invest Rs. 2,000 crore for setting up a manufacturing facility in Madhya Pradesh (MP).
The Board of Directors of the Asian Paints Limited 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 would use the latest manufacturing technology to produce paints and intermediates in the proposed manufacturing facility in an environment friendly manner.
Asian Paints along with its subsidiaries have operations in 15 countries across the world with 27 paint manufacturing facilities, servicing consumers in over 60+ countries through Asian Paints, Apco Coatings, Asian Paints Berger, Asian Paints Causeway, SCIB Paints, Taubmans and Kadisco Asian Paints. Asian Paints also offers a wide range of home decor products and is an emerging strong player in the home improvement and decor space in India.