Asian Paints to pump Rs 960 cr to expand Ankleshwar facility

Asian Paints Limited will pump in Rs 960 crore to increase the production capacity of its plant located at Ankleshwar in Gujarat.

In a regulatory filing, the firm said that it has inked a memorandum of understanding with the Gujarat government starting the planned expansion of the production capacity of paint from 1.3 lakh KL to 2.5 lakh KL and resins and emulsions from 32,000 MT to 85,000 MT.

The construction is to be achieved in the coming 2-3 years at an overall investment of Rs 960 crore approximately on plant and machinery at the current prevailing rates, it added.

This development will be conducted on the existing land held by the firm.

Shares of the firm were trading up by 0.19% at Rs 3,150 on BSE.

Asian Paints Limited is an Indian multinational paint firm, having its headquarters in Mumbai. The firm is involved in the business of production, selling and distribution of paints, coatings, products related to home decor, bath fittings and rendering related services.

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Also read: Asian Paints Q1 FY22 profit doubles to Rs 574.30 crore

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