Asian Paints has signed a memorandum of understanding (MoU) with the government of Gujarat to expand the existing manufacturing capacity of the company’s facility situated at Ankleshwar with a total investment of Rs 960 crore, it said in the BSE filing.
The company has proposed to expand its manufacturing capacity of paint from 130,000 KL to 250,000 KL and resins and emulsions from 32,000 MT to 85,000 MT which will be completed over a period of the next 2-3 years.
This expansion will be carried out on the existing land owned by the company.
Asian Paints had reported a 29 per cent decline in its consolidated net profit to Rs 605.17 crore in the quarter ended September 30, 2021.
The company’s total income stood at Rs 7,234.21 crore in Q2 FY22, a growth of 33 per cent from Rs 5,432.86 crore it registered in the similar quarter previous year.