Announcing its capacity addition plans, Asian Paints is all set to invest a staggering sum worth Rs. 2,500cr in the downstream southern fringes of the country. It is currently in the process of acquiring land for setting up a six-lakh kilolitre decorative paints project, Managing Director & CEO, KBS Anand, said claiming that the company is talking to a number of States in the southern region for the project, which would require 130 acres. Availability of land, water and power are the key issues for the project as there is a growing market in the region. Though the company is present there through Andhra Pradesh and the Tamil Nadu units, there is enough room for growth. It is currently negotiating with both Karnataka and Andhra Pradesh for land and that the former consented to allow only 55-acres in Mysore district for the project, said sources.
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