Techno Paints, a business of the Hyderabad-based Fortune Paints, is on expansion mode, setting up new dealerships across five States and planning a new manufacturing unit near Hyderabad.

The 18-year old company, which started its business with a unique model of a painting solutions company, now has five manufacturing units, three near Hyderabad and two near Guntur in Andhra Pradesh. The company closed last fiscal with a turnover of ₹90 crore.

Akuri Srinivas Reddy, Managing Director of Fortune Paints, said, “the company expects to close this financial year with revenues of over ₹120 crore. The growth will be backed by the recent expansion of dealerships across southern States and Maharashtra and a strong order book of various paining projects.”

Growth potential

“We currently have capacity to manufacture 80,000 tonnes per annum of paint across these five manufacturing units, which are functioning at about 70-80 per cent capacity. Given the growth potential, we are planning to set up another plant, which will be the company’s biggest, with a capacity to make 2,00,000 tonnes of paint per annum.”

“This plant is expected to be set up up near Hyderabad with an investment outlay of ₹25 crore. Due toCovid-related concerns, we expect to begin work on the plant next year. It will take about 6 months to set up the plant and increase the capacity by more than two-and-a-half times and enable us to expand the retail business and enter other States through the network,” he said.

“Initially, our focus was on a solutions approach for commercial and residential majors through long-term contracts. Having set up a big base, we are looking at retail expansion. During the course of the journey, we have managed to create a number of entrepreneur-partners in the business,” he said.

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