Asian Paints entered into a Memorandum of Understanding (MoU) with the Gujarat government to set up a manufacturing facility in Dahej. The MoU was signed through its newly incorporated wholly-owned subsidiary, Asian Paints (Polymers).
Asian Paints subsidiary will set up the manufacturing facility for Vinyl Acetate Ethylene Emulsion (VAE) and Vinyl Acetate Monomer (VAM) at Dahej, Gujarat. In its regulatory filing, Asian Paints said, "the company will make necessary disclosures on any material developments in this regard from time to time."
Last month, Asian Paints incorporated Asian Paints (Polymers) with a share capital of Rs 100 crore. Last year, the company's board of directors approved the setting up of a manufacturing facility for VAE and VAM in India. For this, Asian Paints announced in October that it will invest Rs 2,100 crore over a period of three years.
In its regulatory filing, Asian Paints said, “The company will make necessary disclosures on any material developments in this regard from time to time.” Last month, Asian Paints incorporated Asian Paints (Polymers) with a share capital of Rs 100 crore. Last year, the company's board of directors approved the setting up of a manufacturing facility for VAE and VAM in India. For this, Asian Paints announced in October that it will invest Rs 2,100 crore over a period of three years. To manufacture VAM, the company has also entered into a technology and other allied agreements with KBR.
