ICI India to invest in water-based paints unit

06 May 2008 16:13  [Source: ICIS news]

MUMBAI (ICIS news)--ICI India plans to invest Indian rupees (Rs) 1.5bn-2bn ($36m-48m) to set up a new water-based paints facility as there is a growing demand for its products, sources from the company said on Tuesday.

Demand for the firm’s paint business is more than what it currently produces, ICI India chief financial officer Sandeep Batra told ICIS news.

The construction of the new plant would begin by the end of the year and be completed within the next two years, he added.

A professional agency would carry out feasibility studies into the possible capacity and location of the plant, Batra said.

The firm would be adding another Rs250m-300m in the years to come in upgrading and modernising its current facilities which are located in Mumbai, Hyderabad and Chandigarh, he said.

($1 = Rs40.66)

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By: Aaron Rodrigues
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