The Indian paint sector is set to see the entry of one more player JK Cement, a well-known manufacturer of wall putty and grey cement.
“The board of directors of the company in their board meeting “approved entering into paint business through a wholly-owned subsidiary, formation of a new wholly-owned subsidiary and investment in the said wholly-owned subsidiary", J K Cement said in an exchange filing.
The wholly-owned subsidiary would undertake manufacturing, selling, trading, importing and exporting, and otherwise dealing in all types of paints and allied products and services, it said.
JK Cement said its board has approved an investment of up to Rs 600 crore, spread over the first five years, in the subsidiary.
JK Cement Ltd 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 tonnes per annum (MTPA) and a wall putty capacity of 1.2 MTPA.
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.
“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’s website information said.
With this new entry, India’s paint manufacturing landscape is set to become more competitive.