Asian Paints to set up water-based paint manufacturing facility in MP

The paint major said that its board approved 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 crore.

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 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 latest manufacturing technology to produce paints and intermediates in the proposed manufacturing facility in an environment friendly manner.

Asian Paints is engaged in the business of manufacturing, selling and distribution of paints, coatings, products related to home dor, bath fittings and providing related services.

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.

The scrip was down 0.09% to Rs 2976.50 on the BSE.

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