Grasim Industries Limited, the flagship company of the Aditya Birla Group, will launch its paints business under the brand name ‘Birla Opus’ in the fourth quarter of the current financial year (Q4FY24).
The company, in its regulatory filing said that it will offer a full suite of high-quality products in the decorative paints segment.
“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,” Kumar Mangalam Birla, Chairman, Aditya Birla Group, said.
“Our paints business will build on the power and trust associated with the Aditya Birla brand. The Company has over the last couple of years built a strong foundation to enable a successful business launch,” he added.
The Mumbai-headquartered Group aims to become a profitable number 2 player in the coming years, he added.
Ahead of the launch, the company claims that it has successfully piloted the first-of-its-kind painting services in key metros and introduced a range of imported wood finishes. A research and development R&D facility has already been set up in Maharashtra, it said.
Grasim had previously committed an investment of Rs 10,000 crore towards setting up the paints business. The company’s manufacturing plants located in Haryana, Punjab, Tamil Nadu, Karnataka, Maharashtra, and West Bengal, will have a total capacity of 1,332 million litres per annum (MLPA), and will serve demand centres across the country, it said in its statement.
According to the release, the estimated value of the country’s decorative paints industry is Rs 70,000 crore. The industry is witnessing double-digit growth year-on-year on account of rising consumer demand and the Centre’s push for “Housing for All”.