India's paint sector is set to get more competitive as JK Cement Ltd on Saturday announced that it will make its foray into the paints business.
"...we wish to inform you that the board of directors of the company in their board meeting held today has interalia considered/ approved entering into paint business through a wholly owned subsidiary, formation of new wholly owned subsidiary and investment in the said wholly owned subsidiary," JK Cement said in an exchange filing.
The wholly owned subsidiary would undertake manufacturing, selling, trading, importing and exporting and otherwise dealing in all types of paints and allied products and services, it said.
JK Cement said its board has approved an investment of up to Rs 600 crore, spread over the first five years, in the subsidiary.
The formation of the wholly owned subsidiary will enable the organisation to focus solely on paints business, it said.
JK Cement is one of India's leading cement and building products manufacturers. Its portfolio spans across grey cement, white cement and other value added products.
With this new entry, India's paint manufacturing landscape is set to become another battle zone for the country's corporate biggies. In the last two years, Aditya Birla Group company Grasim Industries and JSW Group also announced their entry in the paints space, which is dominated by the likes of Asian Paints, Berger Paints and Nerolac.
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