Techno Paints, a part of Fortune Paints, is on expansion mode, setting up new dealerships across five states and planning a new manufacturing unit near Hyderabad, Telangana.
The company which started its business with a unique model of painting solutions now has five manufacturing units, three near Hyderabad and two near Guntur in Andhra Pradesh.
The company closed its FY20 with a turnover of Rs 90 crore. It expects to close FY21 with revenues of over Rs 120 crore.
The growth will be backed by the recent expansion of dealerships across Southern states and Maharashtra and a strong order book of various painting projects.
The company has a capacity to manufacture 80,000 tpa of paint across these five manufacturing units which are functioning at about 70-80 percent capacity.
Given the growth potential, it is planning to set up another plant, which will be the company’s biggest unit. It will have a capacity to make 2,00,000 tpa of paint.
The plant is expected to be set up near Hyderabad with an investment outlay of Rs 25 crore. Due to COVID-19 related concerns, the work on the plant is expected to begin in 2021.
It will take about six months to set up the plant and increase the capacity by more than two-and-a-half times. This will allow the company to expand the retail business and enter other states through the network.