Shalimar Paints Ltd today said it is eyeing 20 per cent growth in its topline as it seeks to focus on country's Rs 20,000 crore decorative paints business to strengthen its market share.
"We are expecting 20 per cent growth in our revenue in current fiscal," company's MD and CEO Sameer Nagpal told reporters here today.
The company, which was primarily into industrial paints business, registered turnover of Rs 591 crore in 2013-14.
"Earlier, we were focusing on industrial paint business where we have now strong presence. But we are now looking at decorative paint market in a big way which is growing at a pace of 15 per cent per annum while industrial segment is growing at 10 per cent per annum," he said.
Decorative paint business market in the country is pegged at Rs 20,000 crore while industrial paint has business size of Rs 10,000 crore, he said.
One of the oldest paint makers in the country, the company is also in the process of setting up a new paint making facility at Chennai with an outlay of Rs 70 crore.
"The new facility, which is expected to commission before current fiscal end, will have total capacity of 6,000 kilo litres (KL) per month of paint," he said, adding that in the first phase, the company would start manufacturing 3,000 KL per month of paint.
"The new facility will be catering to southern market. Moreover, it will also manufacture premium emulsion which will be sold across the country," he said.
The company has total manufacturing capacity of 12,000 KL per month with three facilities at Howrah, Nasik and Sikandrabad.
