A new manufacturing facility with an investment of ₹25 crore to meet the growing demand is being established by Techno Paints near Hyderabad.
“We will start work on our new plant soon. It will be ready for production by December,” said Akuri Srinivas Reddy, founder of Fortune Group, which markets its products under Techno Paints brand. A release from the company said the new plant with a capacity of 2.5 lakh tonnes will be set up in three acres at Sultanpur Industrial Estate, near here.
Mr.Reddy said with the existing five units running at full capacity the company was expediting plans to set up the new facility. With the new plant, the total capacity will reach 3.3 lakh tonnes. The company has drawn up plans to set up two more plants in other States by 2025. It also plans to make an initial public offering (IPO) in five years.
Techno Paints, which also provides painting services, has completed 650 projects so far. The company has 200 projects in hand, the release said.