 "Asian Paints to invest Rs 650 cr for capacity expansion at Ankaleshwar site")
India’s leading paint maker Asian Paints Ltd will invest Rs 650 crores to expand production of paints, synthetic resins and emulsion at its Ankaleshwar (Gujarat) facility.
In August 2016, the company had announced a proposal to alter its product mix at the manufacturing facilities at Ankaleshwar by augmenting the capacity of synthetic resins and emulsions by approximately 35000 MT.
As per the new plan, the company will expand the existing manufacturing capacity of paints from 130,000 kilo litre (KL) to 300,000 KL per annum and of synthetic resins & emulsions from existing 32,000 MT to 85,000 MT. “It would involve an approximate investment of Rs. 650 crores which would be met through internal accruals,” said Asian Paints in a BSE filing yesterday.
The company expects to complete the augmentation project over the next 3 to 4 years.
As part of this expansion plan, Asian Paints will phase out the production of phthalic anhydride and its allied products from this facility.
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