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| Asian Paints temporarily shuts Gujarat plant |
| BS Reporter / Mumbai Nov 19, 2008, 20:00 IST |
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Asian Paints, the country’s biggest paint producer, today said that it has temporarily closed the company’s chemical plant in Gujarat that makes Phthalic Anhydride (PAN).
The company’s plant in Ankleshwar produces PAN, a component used in paint making, for its own use as well as for other paint makers.
“The shut down is partly because of inventory pile up and also for annual maintenance and partly,” said a company spokesperson. “It can take from a week to a month to re-start the plant,” he said without giving more details.
India’s economy is expected to grow at a slower pace in the year ending March 31 as demand for homes, offices and cars slow. The impact of the slowdown on the paint, home and office furnishing industry is expected to be felt with a lag, analysts said.
The chemical business, including PAN is a part of Asian Paint’s backward integration strategy and constitutes a 2.7 per cent of the total revenue of the company.
Asian Paints sales in the first six month of the fiscal year rose 30 per cent to Rs 2,717 crore, while profit climbed 21 per cent to Rs 237 crore in the period.
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