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New Delhi, (PTI): Leading paints manufacturer Asian Paints, which is setting up Rs 1,700 crore plant in Andhra Pradesh, today said that it is considering setting up another facility in Karnataka.
The company is in discussions with Karnataka government regarding issues and modalities as land and other regulatory clearances.
"The company continues its discussions with state government of Karnataka to set up another manufacturing facility for paints and intermediates at Mysuru district for future requirement," Asian Paints said in a regulatory filing before the BSE.
It further said: "The above proposals for setting up manufacturing facilities in the Southern states of Andhra Pradesh and Karnataka are towards fulfilling the long term capacity requirements of the company and are subject to the future demand conditions".
However, Asian Paints also said that the decision would be subject to availability of land, due diligence and necessary regulatory and other approvals.
In March, the company had signed an MoU with the Andhra Pradesh government to set up Rs 1,700 crore plant at Visakhapatnam. The company would invest in over a period of 12 years in 110-acre plant, it added.
In FY 2014-15, Asian Paints had a revenue of Rs 11,648.83 crore.
Shares of Asian Paints today settled at Rs 846.25 at BSE, up 1.07 per cent from its previous close.
Photo credit: DHNS
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