Birla Opus will be launched in the last quarter of the current fiscal year.- Grasim had previously committed an investment of ₹10,000 crore towards setting up the business.
Kumar Mangalam Birla said they endeavour to become a profitable No 2 player in the coming years.
Grasim said that the company will offer a full suite of high-quality products in the decorative paints segment. It had previously committed an investment of ₹10,000 crore towards setting up the paints business.
Kumar Mangalam Birla, Chairman,
“Our foray into decorative paints is a strategic portfolio choice that enables us to tap into a high-growth market and expand our presence in the vibrant Indian consumer landscape,” said Birla.
The sector’s revenues grew 18% in FY23 and are expected to grow by 10-12% in FY24, driven by healthy demand from construction, real estate and auto sectors, said a Crisil report. The domestic paints sector also comprises the decorative segment, which commands 80% of the market, the report added.
“The current estimated value of India’s decorative paints industry is ₹70,000 crore. The paints industry is witnessing double digit growth year-on-year driven by rising consumer aspirations and the government’s push towards Housing for All,” Grasim said in its press release.
Building a foundation for last 2 years
Grasim has established manufacturing plants in Haryana, Punjab, Tamil Nadu, Karnataka, Maharashtra, and West Bengal. They have a total capacity of 1,332 million litres per annum (MLPA), and will serve demand centres across the country.
“The company has over the last couple of years built a strong foundation to enable a successful business launch,” said Birla.
It successfully piloted the first-of-its-kind painting services in key metros, and introduced a range of imported wood finishes. A cutting-edge R&D facility has been set up in Maharashtra.