India’s largest industrial paint and second largest decorative paint company, Kansai Nerolac is to set up a manufacturing unit in the state of Gujarat with an estimated cost of INR3.50bn (about US$55M) and capacity of 42,000t/yr, the company announced in a notification to the Mumbai-based Bombay stock exchange.
The company also declared its financial results for the year 2014-15. Net profit of the company soared 31.8%, to INR2.75bn from Rs2.09bn yr-on-yr.
