Grasim Industries Ltd on Tuesday has confirmed that it will invest ₹10,000 crore in its paints business . Which will be by FY25 and is double the ₹5,000 crore announced in FY2021.
Market dynamics of the decorative. The paints segment has changed significantly in time. Moreover, the new capacity building initiative is backed by strong growth and outlook.
Grasim is expanding its production capacity to 1,332 million litre per annum. As well as has planned to commission plants by Q4 FY24.
“The business is focused on timely execution of capacities. Civil construction has already began at two plant sites Panipat and Ludhiana. Work at the Chamarajanagar plant is expected to commence very shortly. Upon completion of necessary approvals from the government, the remaining three plants’ construction will begin.”
Grasim saw successful commissioning of projects in core business. Such as viscose staple fibre and caustic soda in FY22, which helped boost Q4 performance.
The VSF business reported sales growth of 179,000 tonnes in Q4FY22. Which was up 22% a year ago, with a strong mix up products at 25%.
The company has recently commissioned 600-TPD brownfield plant at Vilayat contributed 32,000 tonnes to sales volume. And operated at 83% capacity, the company said.
The company’s standalone revenue growth for the chemicals business was up 45% from the year-ago. The company has performed multifold in its revenue growth over the years.