JK Cement set to enter paints business

On Saturday, JK Cement Limited announced that they will be entering the paints business.Therefore, the paint sector in India will get more competitive. In an exchange filing, JK Cement told the media that the board of directors of the company in the board meeting held has approved entering into the paint business via a wholly-owned subsidiary, formation and investment in the wholly-owned subsidiary. The company said that the wholly owned subsidiary shall undertake manufacturing, sales, trade, imports, exports, and other related dealings in all types of paints as well as allied products and services. JK Cement said their board has given approval for an investment of up to Rs 600 crore, for the first five years of the wholly-owned subsidiary. The wholly-owned subsidiary formation will enable that company to solely focus on its paints business. JK Cement is among the leading cement and building products manufacturers in India. Their portfolio spreads to white cement, gray cement along with other value added products. With this new subsidiary entry into the paints sector, paint manufacturing landscape of India is ready to transform into another highly competitive zone for the corporate biggies of the country. In the last two years, companies like Grasim Industries, Aditya Birla Group company, and JSW Group have also announced their entry in this sector, which is currently dominated by Berger Paints, Nerolac, and Asian Paints. Image Source Also read: JK Cement consolidated net sales at Rs 2,030.49 cr in Dec 2021