Asian Paints Ltd.'s subsidiary, Asian Paints (Polymers) Pvt., is in the works to establish a chemical manufacturing facility in Dahej, Gujarat, according to an exchange filing on Thursday.
The facility will be utilised for the storage and handling of vinyl acetate ethylene emulsion, vinyl acetate monomer and ethylene. The establishment of the plant is expected to incur around Rs 2,560 crore.
The company has also approved an additional capital expenditure cost of Rs 690 crore on account of pre–operative expenses and certain escalations in project costs and the aggregate cost of the project stands at Rs 3,250 crore, as per the filing.
The project will be funded through a combination of equity funding by the company and external debt financing.
Changes In Management
Asian Paints, through separate notifications on Thursday, has also informed the exchanges of change in senior management personnel.
Jigish Choksi has tendered his resignation from the position as a non-executive director with effect from March 31. The board of directors has approved the appointment of Ashish Choksi, the son of late former chairperson Ashwin Choksi, to the position of additional and non-executive director with effect from April 1, subject to shareholder approval.
Joseph Eapen has been appointed as the chief executive at Asian Paints International Pvt. He is currently an associate vice president at APIPL.
Rahul Bhatnagar, the president of project sales, R&T, industrial JVs, and home improvement, will also take on additional responsibility of supply chain function.
Pragyan Kumar, a chief executive at APIPL, will take on the responsibility of retail sales, marketing and commercial functions, and be designated as senior vice president-retail sales, marketing and commercial.
The three changes in senior management are set to come into effect on April 21.
Shares of Asian Paints ended 0.64% higher at Rs 2,338.10 apiece on the National Stock Exchange, overperforming the benchmark Nifty, which closed 0.45% higher.
The company's returns have been marginally lower at 0.22% on a year-to-date basis, but have slipped 17.40% in the last 12 months.
Nineteen out of the 40 analysts tracking the company have a 'sell' rating on the stock, 11 recommend 'hold' and 10 suggest 'buy', according to Bloomberg data. The average of 12-month analysts' price target implies a potential upside of 2.6%.
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