Asian Paints has received a green signal from Badan Koordinasi Penanaman Modal (BKPM), the investment coordinating board of Indonesia, for setting a paint manufacturing plant at Jakarta. The move is likely to give a boost to Asian Paints’ international business, which currently accounts for 13 per cent of the company’s consolidated revenues.
On August 22, 2014, Berger International Limited (BIL), the Singapore-based subsidiary of Asian Paints (International) Limited (APIL), had filed an application for investment approval with the regulatory authorities at Jakarta, Indonesia for setting up a paint manufacturing facility as part of a greenfield foray into Indonesia.
Asian Paints Ltd on October 1, 2014, informed BSE that BKPM has approved its investment application and has issued a principal license for setting up manufacturing facility. “Further steps to be taken for setting up the greenfield operations in Indonesia will be subject to necessary regulatory and other approvals,” it said in a BSE filling.
According to experts, Asian Paints is expected to focus on the mass market in Indonesia and initially launch its Berger brand in the market.
On August 22, 2014, Berger International Limited (BIL), the Singapore-based subsidiary of Asian Paints (International) Limited (APIL), had filed an application for investment approval with the regulatory authorities at Jakarta, Indonesia for setting up a paint manufacturing facility as part of a greenfield foray into Indonesia.
Asian Paints Ltd on October 1, 2014, informed BSE that BKPM has approved its investment application and has issued a principal license for setting up manufacturing facility. “Further steps to be taken for setting up the greenfield operations in Indonesia will be subject to necessary regulatory and other approvals,” it said in a BSE filling.
According to experts, Asian Paints is expected to focus on the mass market in Indonesia and initially launch its Berger brand in the market.