India’s largest and Asia’s third-largest paints manufacturer Asian Paints has agreed to set up its largest paints production facility near Visakhapatnam in Andhra Pradesh, marking the second-largest investment that the truncated state attracted in nine months.
The paints manufacturer has on Tuesday signed a Memorandum of Understanding with the Andhra Pradesh government for setting up its facility involving an investment of Rs 1,750 crore.
The Rs 12,715-crore company in revenue (March 2014) currently has 25 facilities spread across 17 countries. Asian Paints’ president Jalaj Dani told reporters after signing the memorandum of understanding that the proposed facility, to take off in four years, would have an annual production capacity of 4 lakh kilolitres with a potential to employ at least 700 persons.
