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With plans to become a €1bn (Rs 6800 crore) entity in India by 2015, AkzoNobel has announced it will invest Rs 200 crore to set up a manufacturing plant in Madhya Pradesh. As part of the strategy, the company has announced its foray into the wood coatings segment as well in India.
At present, the company has five plants across India. The new plant will be operational by 2013 and will manufacture all its products.
In an interview with the Press Trust of India, AkzoNobel India country director Amit Jain said: "In the initial phase, the plant will have a capacity of 50M litres of paint/yr and will later go up to 100M litres/yr.”
The company has already acquired 55 acres of land to set up the new plant, which is located 20km from Gwalior.