Fortune Group to set up Rs 75-crore paints unit in Hyderabad
The fully automated plant will have a total annual capacity of two lakh metric tonnes with the first phase creating 1.5 lakh MT capacity while an additional 50,000 MT capacity will be created in the second phase.
Hyderabad: Hyderabad-based Fortune Group, which owns Techno Paints brand, is setting up its sixth unit at Cheryal near Patancheru, with an investment of Rs 75 crore. The company is exploring ties with an Italian company for technology know-how.
The fully automated plant will have a total annual capacity of two lakh metric tonnes with the first phase creating 1.5 lakh MT capacity while an additional 50,000 MT capacity will be created in the second phase.
Akuri Srinivas Reddy, founder, Fortune Group, told Telangana Today, “The company will meet the project funding through both debt and equity routes. The plant will generate about 150-200 jobs, taking the total employee base to about 400-450 employees. We expect the first phase to be completed by the end of 2021 as the construction is already in progress, and the second phase will be taken up in the next year. We have also placed orders for the machinery.”
The new plant will make super premium coatings, high-end luxury emulsions, decorative paints, special texture finishes, luxury and ultra-luxury emulsion and designer finishes. In addition, metal, and wood primers as well as wood finishes will also be made at the upcoming unit.
He added, “We have four units in Hyderabad and one in Andhra Pradesh. While all the existing units have an individual capacity of 50,000 MT each, the new unit will help us scale up the total capacity. We may also create a retail presence in the near future and are evaluating options. We will remain focused on the domestic market and may focus on Africa later.”
At present, the company has an order book of Rs 600 crore. The company, which clocked a turnover of Rs 120 crore last year is aiming for 50 per cent growth this year, taking the turnover to Rs 180 crore. The company specialises in exteriors and textures.
With the growth in infrastructure, the paints industry has seen a compound annual growth rate (CAGR) of 18-20 per cent over the last 5-7 years, which needs increased capacities to meet the demand, he noted.
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