India's Grasim launches paints business, targets 100 bln rupees in gross revenue in 3 yrs [Reuters]
AKZO NOBEL N V S/ADR (AKZOY)
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Source: Reuters
on Thursday, and said it expects the unit to generate 100 billion rupees ($1.21 billion) in gross revenue in three years. The Aditya Birla Group company had raised money twice in calendar 2023 to fund the paints venture. The forecast implies it expects to recoup its investment in the form of revenue by 2027. The paints business, which adds to Grasim's flagship businesses of textiles and chemicals, could make the company the second-largest Indian paintmaker by capacity behind market leader Asian Paints (ASPN.NS) , opens new tab , according to analysts. Asian Paints currently controls nearly half of India's paints market. It recorded a revenue of 90.75 billion rupees in the quarter ended Dec. 31. Kansai Nerolac (KANE.NS) , opens new tab , Berger Paints (BRGR.NS) , opens new tab , Indigo Paints (INDG.NS) , opens new tab and Dulux paint-maker Akzo Nobel India (AKZO.NS) , opens new tab are the other major players. Antu Thomas, research analyst at Geojit Financial Services, said B
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