New Delhi [India], January 7 (ANI): The Board of Directors of Asian Paints have approved setting up of a new water-based paint manufacturing facility at an approximate investment of Rs 2,000 crore.

The manufacturing at the facility is expected to be commissioned in three years, post-acquisition of land.

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"This is to inform you that the Board of Directors of the Company at their meeting held on 6 th 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," Asian Paints said in a stock exchange filing on Saturday.

The company is exploring the possibility of making the investment and setting up the manufacturing facility in Madhya Pradesh, subject to the grant of requisite incentives, other approvals and clearances, it said in the filing.

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"The Company would use latest manufacturing technology to produce paints and intermediates in the proposed manufacturing facility in an environment-friendly manner," the exchange filing said. (ANI)

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