Techno Paints has announced plans to set up a new ₹75 crore manufacturing plant for super premium paints at Cheryal near Hyderabad.
The Hyderabad-based paint manufacturing and painting solutions company, is in talks for a collaboration with an Italian paint major. As it celebrates its 20th anniversary on August 25, it has decided to scale up capex for a new plant from ₹25 crore to ₹75 crore.
The proposed fully-automated plant, sixth one for the company, will have capacity of two lakh metric tonnes (mt) per annum. While the phase one will have a capacity to make 1.5 lakh mt, in the second phase, it plans to add 50,000 mt. The company is at an advanced stage of closing its funding from banks and a private equity fund. The plant is expected to generate 200 new jobs.
Techno expects to manufacture super premium environment-friendly coatings, decorative paints, special texture finishes, luxury and ultra-luxury emulsions and designer finishes. The plant will also have a facility for metal, wood primers and wood finishes.
“As we celebrate our 20th anniversary, we are looking at next phase of expansion and growth. The new plant will focus on superior quality ultra luxury paints,” Akuri Srinivas Reddy, Founder of Fortune Group, and promoter of Techno Paints brand, said.
“We are re-entering retail business in South India and will gradually expand it to pan India,” Reddy said.
The company said it has an order book of ₹600 crore.