Grasim to launch paints biz by early next yr

livemint.com:

Grasim Industries Ltd, an Aditya Birla group flagship, will launch its new paints venture under the brand name, Birla Opus, in the fourth quarter of FY24, it told the exchanges on Thursday. “Our foray into decorative paints is a strategic choice that enables us to tap a high growth market and expand our presence in the vibrant Indian consumer landscape," said Kumar Mangalam Birla, chairman, Aditya Birla Group. “The company, over the last couple of years, built a strong foundation to enable a successful business launch.

We endeavour to become a profitable No. 2 player in the years to come. Announcing our brand name is the first of many steps that will follow in this direction." With a cutting-edge research and development facility in Maharashtra and committed investment of ₹10,000 crore to set up the paints business, the firm aims to build on the power and trust associated with the Aditya Birla brand, it said, adding that the state-of-the-art manufacturing plants across Haryana, Punjab, Tamil Nadu, Karnataka, Maharashtra and West Bengal with a capacity of 1,332 million litre per annum will be cater to pan-India demand.

It plans to offer full suite of high-quality products in the decorative paints segment. Before the launch of the paint business, the textile manufacturer piloted a first-of-its-kind painting service for its clients across metros, besides introducing a range of imported wood finishes. The estimated value of the decorative paints industry in India is at ₹70,000 crore.