Asian Paints plans to set up a new paint manufacturing plant of 4 lakh kilo litres per annum capacity in Madhya Pradesh. The Board of Directors of the company at their meeting held on Friday accorded their approval for setting up a new water-based paint manufacturing facility with an investment of ₹2,000 crore.
The company in a statement said on Saturday that the manufacturing facility is expected to be commissioned in 3 years, after acquisition of land.
It further added that the company is exploring the possibility of making this investment and setting up the manufacturing facility in Madhya Pradesh, subject to grant of requisite incentives by the State Government 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 had last October announced plans to invest ₹2,100 crore for setting up a manufacturing facility for Vinyl Acetate Ethylene Emulsion (VAE) and Vinyl Acetate Monomer (VAM) in India, while another ₹550 crore to manufacture white cement and other materials.
VAE is the key constituent to manufacture environmentally-friendly paints and VAM is a key input to manufacture VAE.
In addition, the company had also signed a binding term sheet to set up a joint venture in the UAE with Riddhi Siddhi Crusher and Land Transport, Associated Soap Stone Distributing Company and others last October. The 60:40 joint venture would manufacture and export white cement and white cement clinker, it had said.
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