Marking another major milestone in its century-long growth journey, Shalimar Paints, India's leading and most iconic paint manufacturer, has laid down the foundation of a manufacturing unit to be rebuilt in Nashik, Maharashtra.
Set to commence operations by April 2019 with a planned production capacity of 2,180 kilolitres per month, Shalimar's state-of-the-art Nashik facility will increase the brand's overall production capacity by 65%. It is also expected to stimulate the local economy by creating around 200+ employment opportunities for prospective jobseekers in the region.
Speaking on the announcement, Mr. Ashok Gupta, Vice Chairman, Shalimar Paints Limited, said, "Nashik is a key geography within the larger Delhi-Mumbai Industrial Corridor Project and is also an important industrial hub in West India, particularly the state of Maharashtra. As an important spiritual and cultural centre in the region, it is also a key market for Shalimar Paints. Establishing our newest manufacturing unit in the city will allow us to better cater to the demand from the local market, in addition to helping us bolster our pan-India supply chain. We are confident that, once operational, our Nashik plant will become an important part of Shalimar's countrywide manufacturing, sales, and distribution ecosystem."
The newest Shalimar plant hints at the brand's aggressive push to capitalise on the growing market demand for its high-quality, high-performance paint and coatings products, as well as to further consolidate its position as one of the fastest growing paints companies in the country. Shalimar has also pledged further investment into its Nashik plant and aims to establish it as a key component within its regional distribution network, as well as its pan-India supply chain.
The paint industry has been growing at a rapid rate in India and measures between 1.5 to 2 times GDP growth. Rapid urbanization, better transparency and consumer evolvement has been leading the growth of the industry.
Shares of SHALIMAR PAINTS LTD. was last trading in BSE at Rs.91.3 as compared to the previous close of Rs. 86.8. The total number of shares traded during the day was 18099 in over 369 trades.
The stock hit an intraday high of Rs. 95 and intraday low of 86.5. The net turnover during the day was Rs. 1672714.