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| Nippon Paint to invest Rs 250 cr in next 3 years |
| Press Trust of India / Mumbai Sep 03, 2010, 15:41 IST |
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Japan-based paints major, Nippon Paint, plans to invest Rs 250 crore in India to expand its existing facility and set up new plants in the next three- years, a top company official said.
The company has three facilities at Pune, Bangalore and Chennai, and has so far invested over Rs 250 crore in the country.
"The paints industry is growing in the country and we want to tap the market. We will invest Rs 250 crore in the country by 2013. Besides, we are doubling our Chennai facility's production capacity to 40,000 kilolitres per annum from the present 20,000 kilolitres per year by August 2011," Nippon Paint India's President (Decorative) Ramakanth Akula told PTI here today.
The company has so far invested Rs 60 crore in its Chennai facility and will spend another Rs 30 crore for doubling the capacity, Akula said.
Of Rs 250-crore investment, the company plans to invest Rs 40-crore to set up a new plant at Taloja in Maharashtra by April 2011 and another decorative paints facility in Haryana by 2012.
"We will set up an industrial painting facility at Taloja in Maharashtra by April 2011. Its annual capacity is expected around 10,000-kilolitres," he said.
"We are talking to the Haryana Government for acquiring land for setting up a new plant in the state. As soon as we get the land, we will start construction of the plant," he said, adding the investment here could be around Rs 100 crore.
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