Two plants will come up in AP, one in MP with a total investment of Rs. 46 cr, says Fortune Group founder Srinivas Reddy
Hyderabad, April 12: City-based Techno Paints, which is into the manufacturing of paints, is setting up three more plants. These plants, which will come up at Visakhapatnam and Chittoor in Andhra Pradesh and Katny in Madhya Pradesh, will manufacture cement putty, textures, primers and emulsions.
“In the first phase, each plant will have an annual capacity of 30,000 metric tonnes. We are investing Rs. 46 crore on the new plants. We are raising the fund through debt. Banks are ready to provide funding”, said Akuri Srinivas Reddy, Founder, Fortune Group which owns Techno Paints.
Techno Paints currently has three plants in Telangana and one in Andhra Pradesh, with a cumulative annual capacity of 2.50 Lakh metric tonnes.
Bags a major project in Telangana:
Techno Paints has recently bagged a major, prestigious project from the Telangana government. Under this, the company has taken up the painting works of 26,065 schools under Mana Ooru-Mana Badi and Mana Basti-Mana Badi project. So far, it has completed the painting works of over 2,200 schools.
Established in 2001, Techno Paints has so far completed 960 corporate, government and other painting projects. The company, which has an order book of 138 projects now, executed 80 projects during the financial year 2022-23. Over 4,000 painters work directly or indirectly for the company which has 250 employees. It clocked 100 per cent growth in FY23.
Eyeing national presence:
As a part of its objective to emerge as one of the major players in India’s painting sector, Techno Paints is going to expand its retail network across India. With more than two decades of experience in executing major corporate and government painting projects behind it, the company is now making concerted efforts to carve a niche for itself in the retail painting space.
As a part of this, it is introducing colour banks technology. “With this, we can immediately supply whatever colour of paint a customer wants. This facility is available with the multinational paints companies only,” said Srinivas Reddy.
According to him, Techno Paints has started the manufacturing of solvent-based enamel paints in the last financial year. It is making special textures and finishes in collaboration with Italy-based Realto Colours.
It is estimated that India’s paints and coatings market will reach Rs 62,689 crore this year. It is expected to clock 7 per cent CAGR during 2023-28, according to reports.
If you have any objection to this press release content, kindly contact firstname.lastname@example.org to notify us. We will respond and rectify the situation in the next 24 hours.