Asian Paints Ltd has announced that the Board of Directors of the company, at their meeting held on 6 th January, 2023 have accorded their approval for setting up a new water-based paint manufacturing facility with a capacity of 4 lakhs kilolitres p.a. at an approximate investment of Rs 2,000 crores, in an exchange filing.
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.
Asian paints would use latest manufacturing technology to produce paints and intermediates in the proposed manufacturing facility in an environment friendly manner.
The company will make necessary disclosures on material developments in this regard.
