Techno Paints ties up with Italian co

City-based Techno Paints announced on Tuesday that it is setting up a new manufacturing plant for super premium paints near Hyderabad in collaboration with an Italian company.

It will invest Rs 75 crore on the new facility. The company, which offers high-quality painting services apart from manufacturing and selling paints, is gearing up to celebrate its 20th anniversary on August 25.

Coming up at Cheryal near Patancheru on the Hyderabad outskirts, the fully-automated plant, sixth one for the company, will have a total annual capacity of 2 lakh metric tonnes (MT) with the phase one accounting for 1.5 lakh MT. It will set up 50,000 MT in the 2nd phase.

The company will raise funds for the plant from banks and also through private equity from reputed funding companies. The plant will generate 200 new jobs.

Types of paints to be manufactured at the new plant include 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 plant.

This new plant marks the entry of Techno Paints brand into the super premium segment. It will be the only manufacturer to make such super premium finishes in India.

Currently, few companies are importing such paints which cost as much as four times higher than the conventional varieties.

"On this special occasion of the 20th anniversary of the company, I really thank each one of our customers, who has been associated with us throughout our journey. You are the reason for where we are today. You are the reason for our success. On this special day of our company anniversary, we want you to know that your support and trust has been the biggest driver of our continued growth. Giving you the best products and services is what motivates us to continuously improve our services," said Akuri Srinivas Reddy, Founder of Fortune Group, which markets its products under the Techno Paints brand.

In the last 20 years, the company has completed 650 painting services contracts. At present, it has 120 projects in hand, with a total order book size of Rs 600 crore. The company, which is the market leader in the painting services segment, is targeting 50 per cent turnover growth in 2021-22.