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Asian Paints Ltd today said its wholly owned subsidiary, Asian Paints Industrial Coatings Ltd (APICL) has closed down the operations of its powder coatings plant in Himachal Pradesh due to significant decline in the processing volume of powder coatings for the last two years.
"Asian Paints Industrial Coatings Ltd has closed down the operations of its powder coatings plant at Baddi in Himachal Pradesh with effect from November 25, 2013, due to significant decline in the processing volume of powder coatings for the last two years," Asian Paints said in a filing to BSE.
APICL's plant at Sarigam, Gujarat will continue its normal operations and is sufficient to cater to the future requirements, the company added in the statement.
During the second quarter ended September 30, Asian Paints reported 36.66% increase in consolidated net profit at Rs 326.84 crore compared with net profit of Rs 239.16 crore in the same period of previous fiscal.
Consolidated net sales of the company during July- September quarter of the current fiscal were at Rs 3,084.06 crore, compared to Rs 2,612.41 crore in the year-ago period.
