Grasim Industries doubles capex to ₹10,000 cr to set up paints business
Premium- In August last year, Grasim Industries' board had approved a ₹5,000 crore capital expenditure plan to set up a paints business.
Grasim Industry on Tuesday said it has accelerated the execution of its paints business capacity of 1,332 MLPA with commissioning of plants to start by fourth quarter of FY24.
"The business is focused on the timely execution of its capacities. The civil construction has already commenced at two of its plant sites (Panipat and Ludhiana) and is expected to start shortly at Chamarajanagar. The remaining three plants are at different stages of government approval processes," the company said in a statement.
"Market dynamics of the decorative paints sector has changed with new capacities being announced backed by strong growth and outlook. We have accelerated the execution of our paint’s capacity of 1,332 MLPA with commissioning of plants to start by Q4FY24," it added.
"The project cost is likely to be 10,000 crore by FY25," Grasim said.
In August last year, Grasim Industries' board had approved a ₹5,000 crore capital expenditure plan to set up a paints business.
Grasim Industries is a leading global player in VSF and the largest chemicals player in India. It is also the largest cement producer and diversified financial services player in India through its subsidiaries UltraTech Cement and Aditya Birla Capital.
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For FY22, its revenue from operations was at ₹95,701.13 crore.