The paint industry giant Asian Paints informed that it has been approved by its board to set up a new water-based paint manufacturing facility in Madhya Pradesh. The plant will have a capacity of 4 lakhs kilo litres annually. The investment for this is expected to be approximate INR 2,000 crore
Once the required land is acquired, the manufacturing at the plant is expected to be inducted in 3 years. Asian Paints is exploring different possibilities of making this investment. It will set the facility up in the state of Madhya Pradesh if it gets expected incentives by the Government of Madhya Pradesh. It also requires other approvals and clearances from the state government for this. The company intends to use latest manufacturing technology in its facility to produce paints and intermediates. It would also ensure an environment friendly manufacturing.
Asian Paints is known for manufacturing, selling and distribution of paints, coatings, products related to home decor, bath fittings and providing related services.
It is important to note that the company’s consolidated net profit rose 31.3% to Rs 782.71 crore on 18.8% jump in net sales to Rs 8,430.60 crore in Q2 FY23 over Q2 FY22.