Paint manufacturer Techno is setting up a new manufacturing plant near Hyderabad with an investment of ₹75 crore.
Coming up at Cheryal near Patancheru, the new plant will be fully automated and sixth facility for the company. Super premium paints, a segment into which Techno will foray, are to be manufactured at the 2 lakh tonnes per annum plant. While phase one of the project would create facility with a capacity of 1.5 lakh tonnes, the next phase will be designed for 50,000 tonnes.
Founder of Fortune Group, which is behind the Techno Paints brand, Akuri Srinivas Reddy said discussions with a few Italian firms are underway to form a technical collaboration for the new plant. On the next phase, the company intends to invest ₹25 crore.
Techno Paints plans to raise funds for the new plant from banks and also from private equity investors. The paints to be manufactured at the new plant, which is expected to generate 200 new jobs, include super premium coatings, high-end luxury emulsions, decorative paints, special texture finishes, luxury and ultra-luxury emulsion and designer finishes. Metal and wood primers as well as wood finishes are also be manufactured, the company said in a press release.
