Asian Paints to invest Rs 2,000 crore in new plant

Asian Paints said in the regulatory filing on Saturday that the company plans to set up a new water-based paint manufacturing facility with an annual capacity of 4 lakh kiloliters soon. 

In the filing, the company said, “This is to inform you that 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 kiloliters per annum at an approximate investment of Rs 2,000 crores.”

"The company is exploring the possibility of making this investment and setting up the facility in Madhya Pradesh. It is expected to be commissioned in three years after the acquisition of land," it has said in an exchange filing.

The company would use the latest manufacturing technology to produce paints and intermediates in the proposed manufacturing facility in an environment-friendly manner.

With the new announcement, the capacity could now go up to 26.7 lakh KL. Currently, the company has a 17 lakh KL capacity.