Grasim Industries has doubled the capex for its foray into paints business to Rs 10,000 crore and expects to begin production from Q4/FY24.
In August 2021, the company’s board had approved Rs 5,000 crore capital expenditure plan to set up paints business.
The project cost is likely to be Rs 10,000 crore by FY25. It has also accelerated the execution of paint capacity of 1,332 MLPA with the commissioning of plants to start by Q4/FY24.
The company is setting up five to six plants. The civil construction has already commenced at two of its plant sites, Panipat and Ludhiana. The work is expected to start shortly at Chamarajanagar, in Karnataka.
The remaining three plants are at different stages of government approval processes.