The paint major on Friday announced that it has received a letter allotting 166 acres of land at Pithampur in Madhya Pradesh, for setting up a new water-based paint manufacturing facility.
On 7 January 2023, Asian Paints had informed about The proposal for setting up a new water-based paint manufacturing facility with a capacity of 4 lakh KL per annum at an approximate investment of Rs 2,000 crore 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.
In a regulatory filing, the company stated that it received the letter allotting the land admeasuring around 166 acres situated at Pithampur, Madhya Pradesh, for setting up the said paint manufacturing facility, subject to such other approvals and clearances, as may be required.
The firm is in the process of executing the necessary agreements with the MP Industrial Development Corporation in this regard, it added.
Asian Paints is India's leading paint company and ranked among the top ten decorative coatings companies in the world. 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 paint major's consolidated net profit jumped 34.96% to Rs 1,447.72 crore in Q3 FY24 as against Rs 1,072.67 crore recorded in Q3 FY23. Net sales grew by 5.43% year on year to Rs 9,074.94 crore in Q3 December 2023.
Share of Asian Paints rose 0.78% to Rs 2,854.20 on the BSE.
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