Nippon To Invest Additional Rs 450 Cr In India Ops

Chennai: Nippon Paints, Japan-based international paint major, is planning to infuse additional Rs 450 crore in India operations in a phased manner. Till now, Nippon Paints has put in Rs 80 crore in its new green-field manufacturing facility at Sriperumbudur, near Chennai. The plant, which is set to go on stream from October this year, can manufacture 20,000 kilo litres of decorative paints a year. The company will invest another Rs 100 crore by 2009 for expanding its footprint in the Indian market. The company has also acquired 31 acres in Gurgaon to set up a new plant once the volumes pick up in India. This may involve an investment of around Rs 350 crore. Nippon India is among the smaller players in the Rs 7,500-crore Indian market for decorative paints. The company forayed into this market in mid-2006.