Grasim Industries Ltd. has initiated paint production across three of its manufacturing units, with plans for a launch by March 2024. The trial runs are underway in facilities located in Ludhiana, Cheyyar, and Panipat, while simultaneous efforts are focused on establishing sales and distribution networks to support the upcoming introduction of the paints business – named Birla Opus, scheduled for the fourth quarter.
Till December 31, Grasim had utilized fifty-nine percent of the total planned capital expenditure. In 2021, the company unveiled intentions to invest ₹10,000 crore in building six greenfield paint plants, aiming for a combined capacity of 1.3 billion litres annually, which would rank as the second largest capacity in the Indian decorative paints industry.
As reported by NDTV Profit, and according to projections, the decorative paints industry is anticipated to reach a valuation of ₹73,000 crore by March 2024, with 72-75% of the market being organized, as indicated in the presentation. Over the past five years, the decorative paint sector has experienced a compound annual growth rate (CAGR) of 12-13%.
