Kansai Nerolac to invest Rs 220 crore for new unit, R&D centre

NEW DELHI: Industrial paints maker

Kansai Nerolac

today said that it would invest Rs 220.50 crore to set up a manufacturing unit in Punjab and a global R&D centre at Navi Mumbai.

“The Board of Directors of the Company at its meeting on July 30, 2015, has approved setting up of a paint manufacturing unit at Goindwal Sahib near Amritsar in Punjab having capacity of 38000 MT per year, which is expandable in phases, at an estimated cost of Rs 180.50 crore,” Kansai Nerolac informed BSE.

Besides, the Board also approved a proposal to set up a global R&D centre at Vashi, Navi Mumbai with an estimated cost of Rs 40 crore.

Shares of Kansai Nerolac were trading at Rs 250.80 apiece, down 2.98 per cent from the previous close.