To compete with Asian Paints, JSW Group to invest Rs 1,000 crore

To compete with Asian Paints, JSW Group to invest Rs 1,000 crore

To step into segments ruled by Asian Paints, JSW Group is planning to invest Rs 1,000 crore in paints units.

Parth Jindal, who is in-charge of the business at JSW Group, said, “We are planning to launch in April of next year. We have one factory coming up in Vijaynagar in Karnataka and one industrial line coming up in Vasind in Maharashtra.”

Stating that JSW Paints is a fully family-owned entity, Jindal said the two plants are coming up at an investment of Rs 1,000 crore, which will be funded through both debt and equity.

In a media interaction, he said, “Asian Paints is gaining market share every year in the paints segment and the family, which already runs JSW Steel and JSW Cement, looks at this as a lucrative business because of the complementarity.”

He added: “The paint industry is growing at 15 per cent every year. Asian Paints is gaining market share every year. It’s an industry we are very excited about, We have the cement and steel distribution already in place. We have the opportunity to become the one-stop solution where we can offer cement, steel and paint to consumer.:

“It will be both a business-to-business (B2B) and business-to-consumer (B2C). It will be doing a decorative unit in Vijaynagar, while the Vasind unit will focus on industrial segment,” he said.

Image Credit : telegraphindia.com