Paint-maker Asian Paints today announced it has signed a Memorandum of Understanding (MoU) with the Maharashtra government to set up a Rs 735 crore mega project for manufacturing paints and intermediates.
The project will be implemented within five years, Asian Paints said in a filing to the Bombay Stock Exchange.
"I am extremely happy that Asian Paints is further consolidating its long-term relationship with the state by bringing this core project in the D zone area," said Chief Minister Ashok Chavan while speaking on the occasion.
"It is one more step in the development of Maharashtra through the establishment of a mega project in a backward area," he said.
The plant will have an annual production capacity of 4 lakh tonnes and will be located at Kesurdi, in Khandala Taluka, falling under Satara district, the statement said.
The MoU was signed by Principal Secretary (Industries) Azeez Khan and Asian Paints Chief Executive Officer and Managing Director P M Murty in the presence of Chavan and Industries Minister Sunil Tatkare.
The project will use the latest techniques in production, packing, conveying and storage in an environmentally friendly manner, with zero discharge of effluents, the statement said.