India’s paint sector is ready to get extra aggressive as JK Cement Ltd on Saturday introduced that it’ll make its foray into the paints enterprise.
“…we want to inform you that the board of administrators of the corporate of their board assembly held as we speak has interalia thought-about/ authorized getting into into paint enterprise by means of an entirely owned subsidiary, formation of recent wholly owned subsidiary and funding within the mentioned wholly owned subsidiary,” JK Cement mentioned in an trade submitting.
The wholly owned subsidiary would undertake manufacturing, promoting, buying and selling, importing and exporting and in any other case dealing in all sorts of paints and allied services and products, the submitting mentioned.
JK Cement mentioned its board has authorized an funding of as much as Rs 600 crore unfold over the primary 5 years within the subsidiary.
The formation of the wholly owned subsidiary will allow the organisation to focus solely on paints enterprise, it mentioned.
JK Cement is considered one of India’s main cement and constructing merchandise producers. Its portfolio spans throughout gray cement, white cement and different worth added merchandise.
With this new entry, India’s paint manufacturing panorama is ready to grow to be one other battle zone for the nation’s company biggies. Within the final two years, Aditya Birla Group firm Grasim Industries and JSW Group additionally introduced their entry within the paints area, which is dominated by the likes of Asian Paints, Berger Paints and Nerolac.
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