Asian Paint’s Board of Directors has approved an investment of Rs 2,000 crore (approximately) for a new waterborne paint manufacturing plant with a capacity of 400,000 kiloliters per annum.

After the land acquisition, the facility’s manufacturing is expected to be commissioned in three years. The company is exploring the possibility of making this investment and setting up a manufacturing facility in Madhya Pradesh. The company will produce paints and intermediates in the proposed manufacturing plant in an environmentally friendly manner using the latest manufacturing technologies.

The company sells and distributes paints, manufacturing, products, and coating related to home decor, providing related services and bath fittings.

On a consolidated basis, the net profit hit a high 31.3% to Rs 782.71 crore on 18.8% and increase in net sales to Rs 8,430.60 crore in the July-September quarter of FY23 over the July-September quarter of FY22.

On BSE, the company’s stakes were down 0.09% to Rs 2976.50.