The paint industry is set to add another colour in its palette as JK Cement Ltd, a well-known manufacturer of grey cement, has announced its foray into the paint business.
The board of the company, which met this evening, cleared the company’s proposal to enter the paint field. JK Cement will get into the paint business through a wholly-owned subsidiary.
The board has also approved an investment of Rs 600 crore into the paint venture which will be infused over a five-year period.
“The subsidiary would undertake manufacturing, selling, trading, importing and exporting and otherwise dealing in all types of paints and allied products and services,” the company said in a stock exchange filing.
The paint sector, which was once dominated by a few companies such as Asian Paints, Nippon Paints, and Berger Paints, has witnessed several new players lately. For instance, Aditya Birla Group announced its paint business via its unit Grasim Industries. Then there is Jindal Paints. That apart, MRF is also into making specialty paints for the auto and white goods segment.
“Over four decades, the Company has partnered India's multi-sectoral infrastructure needs on the strength of its product excellence, customer orientation, and technology leadership,” the company said on its website.
JK Cement’s operations commenced with commercial production at its flagship grey cement unit at Nimbahera, Rajasthan in May 1975. The company has an installed grey cement capacity of 15 million tonnes per annum as on date, making it one of the top cement manufacturers in the country.
“JKCL is the No. 1 manufacturer of wall putty in the world and the third largest manufacturer of white cement, globally, with a total white cement capacity of 1.20 million TPA and wall putty capacity of 1.2 million TPA. JK White Cement is sold across 43 countries around the globe and the company has a strong international presence with two subsidies, JK Cement Works Fujairah FZC and JK White Cement (Africa) Ltd.,” the company's website said.
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