Reports: ICI plans expansion in India
ICI, the paint giant recently acquired by Dutch manufacturer Akzo Nobel, plans a new manufacturing facility in eastern India, with a site yet to be named.
Local and international media outlets cited ICI regional managing director Rajiv Jain as saying the manufacturer had around 10 billion rupees (US$237 million) to invest in the facility. The facility, expected to be completed by 2010, would have a capacity of 100 million liters -- or 26.4 million gallons -- per year.
The move would nearly double the combined manufacturing capacity of three ICI manufacturing facilities currently in India, which have a capacity to produce about 120 million liters (31.7 million gallons) of paint per year.
ICI is not the only manufacturer eyeing the Indian market -- in March, Sherwin-Williams announced it would enter the Indian market with the acquisition of Bombay-based Nitco Paints. Nitco, which manufactures exterior specialty paints, had sales of around $18 million last year.