Techno Paints to set up 25 cr plant

Hyderabad: City-based Fortune Paints Private Limited, which markets paints under Techno Paints brand, on Friday announced that it would set up new paints manufacturing unit with an investment of Rs 25 crore.

"We are in the process of setting up new plant in three acres at Sultanpur Industrial Area near Patancheru in the city. We will invest Rs 25 crore on the plant which will have a production capacity of 40,000 metric tonnes," Srinivasa Reddy Akuri, Managing Director, Fortune Paints Private Limited and Fortune Group, told the media here. The plant will go operational within a year, he added.

At present, the company, which also executes painting contracts for buildings and real estate projects, has five manufacturing units with a combined capacity of 42,000 MT. With the new plant, its overall capacity will increase to 82,000 metric tonnes.

The company introduced over 1,800 new shades of internal and external water-based emulsions in the wake of demand for such products from commercial, hospitality and industrial segments. "We are launching anti-bacterial, IR reflection paints to meet expectations of various customers," Reddy said.

Currently present in South India, Maharashtra, UP and Delhi, the company plans to go pan India soon. It is also eyeing international market. "We are in talks with local partners to have a joint venture in African markets," he said. Having an order book of Rs 250 crore, the company is looking at a turnover of Rs 85 crore to Rs 90 crore this fiscal, a growth of Rs 45 per cent from the last fiscal year.