Construction Industry News
Grasim Industries, a part of Aditya Birla Group, on Friday announced it has entered into the paints business, which is currently dominated by established players like Asian Paints and Nerolac. The company will make an initial investment of 5,000 crore over the next 3 years, primarily towards capital expenditure.
The textile manufacturer says that its entry in the paints sector will add size, scale, diversity and stability to cash flows of the existing business portfolio of the company. The Aditya Birla Group flagship company believes that this sector is likely to be value accretive to its shareholders.
"The Board at its meeting held today, inter alia, considered and approved, entering in paints as a new line of business and subject to the approval of the shareholders, alteration of the Object Clause of the Memorandum of Association of the Company to include the new line of business," Grasim Industries said in a regulatory filing.
Grasim will seek the approval of the shareholders at the ensuing Extraordinary General Meeting to be held on February 22, 2021, for alteration of the Object Clause of the Memorandum of Association of the company.
279
299
2078
3740
365
495
279
699
1499
1599
6850
13999
800
1060
299
0
998
2000
349
699
