Indigo Paints Forays Into Waterproofing, Construction Chemicals
Indigo Paints is planning to enter the allied segment of construction chemicals and waterproofing, in order to compete with existing players who, derive about a tenth of their revenues from this segment. The company is also gearing up to increase its presence by expanding its sales force by 40 per cent in the next few months. It is also intending to expand into larger towns and cities, where it is still largely underpenetrated having focused mostly on tier 3 and 4 towns. The company is also unfazed by the entry of Grasim Industries into the paints business. The management of the company met Nuvama Institutional Equities and detailed its plans. Most paint companies offer waterproofing and construction chemicals as part of their portfolio since it is closely allied with the paints sector and offers long-lasting effects. With other paint players getting over a tenth of their revenues from construction chemicals and waterproofing products, it makes sense for Indigo to enter this segment as well. Being a late entrant in the paints industry, the company is plugging gaps in its distribution and reach by increasing its sales force by 40 percent in the next few months. Simultaneously, it is also expanding into larger towns and cities, primarily tier 1 and tier 2 cities, as it is currently mostly present in smaller towns and cities.
Tags : Indigo Paints allied construction chemicals Grasim Industries