Asian Paints Ltd approves setting up new manufacturing facility

The Board of Directors of Asian Paints Ltd at their meeting held on 6th January, 2023 have accorded their approval for setting up a new water-based paint manufacturing facility with a capacity of 4 lakhs kilolitres per annum at an approximate investment of Rs. 2,000 crores. The manufacturing at the facility is expected to be commissioned in 3 years, after acquisition of land.

The Company is exploring the possibility of making this investment and setting up the manufacturing facility in the state of Madhya Pradesh, subject to grant of requisite incentives by the Government of Madhya Pradesh and such other approvals and clearances, as may be required.

The Company would use latest manufacturing technology to produce paints and intermediates in the proposed manufacturing facility in an environment friendly manner.

Shares of Asian Paints Limited was last trading in BSE at Rs. 2979.30 as compared to the previous close of Rs. 3004.90. The total number of shares traded during the day was 88495 in over 18651 trades.

The stock hit an intraday high of Rs. 3023.85 and intraday low of 2953.00. The net turnover during the day was Rs. 263156488.00.

Source : Equity Bulls

Keywords

AsianPaints INE021A01026 Approval NewManufacturingFacility WaterbasedPaint