Asian Paints, the largest paint companies in India, that the company has entered into and signed a Memorandum of Understanding (MoU) with the Government of Andhra Pradesh to set up a manufacturing facility for paints and intermediates at Pudi Village, Rambilli Mandal, Vishakhapatnam District, Andhra Pradesh.

'An amount of approximately Rs 17.50 billion would be invested by the company in phases over a period of 12 years from the date of commencement of construction, including the cost of land admeasuring approximately 110 acres, subject to due diligence and obtaining necessary regulatory and other approvals,' the company said. The maximum capacity of the said manufacturing facility would be 4,00,000 kiloliters per annum, which would be achieved in phases, it added.

The company would use latest manufacturing concepts to produce Paints and intermediates in the said plant in an environmentally friendly manner.

Shares of the company gained Rs 8.1, or 1%, to trade at Rs 817.20. The total volume of shares traded was 13,575 at the BSE (9.32 a.m., Wednesday).