Fortune Group to invest Rs 75 crore in Telangana

Hyderabad: City-based Fortune Group has plans to invest about Rs 75 crore for the second phase of its paint manufacturing capacity. The company is now manufacturing luxury finishes at its plant near Patencheru. It was set up in collaboration with Italian company Rialto. Currently, it has a capacity to make one lakh metric tonne of […]

Hyderabad: City-based Fortune Group has plans to invest about Rs 75 crore for the second phase of its paint manufacturing capacity. The company is now manufacturing luxury finishes at its plant near Patencheru. It was set up in collaboration with Italian company Rialto. Currently, it has a capacity to make one lakh metric tonne of paint. The expansion, which will happen next year, will double the capacity. The first phase of the unit has also seen an investment of Rs 75 crore.

The current capacity utilization is about 70 per cent and is expected to touch 100 per cent in a year. The unit now employs about 150 people and will add another 100 people in the second phase, Akuri Srinivas Reddy, Founder of Fortune Group, told Telangana Today. Fortune Group markets its products under the Techno Paints brand. The company now has an orderbook of Rs 600 crore for its products.

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They are deliverable over the next 18 months. Techno Paints is expanding its operations across India with plans to open experience centres in major cities. It is a bulk supplier to the luxury and highend real estate and industrial segments, he said.

The brand has now introduced lime-based traditional Italian finishes in India. It will initially import these lime-based finishes in collaboration with Rialto. “We will go for local production once sales increase,” said Reddy.

Limestone-based paints find a use in maintenance of heritage structures. These paints last long. These lime-based paints are chemical-free as they are made with natural minerals and pigments. They are increasingly being used for luxury homes and villas these days.

The segment, however, is in its infancy in India. “We believe that currently no company is manufacturing these paints in India now. A few companies are importing them and marketing here,” said Reddy adding that the lime-based paints are now available in about 200 colour varieties and cost between Rs 150-400 per sft.