Grasim earmarks Rs. 3,117 crore (US$ 389.99 million) capex for existing business for FY23: Birla
- IBEF
- August 30, 2022
According to Grasim Industries Chairman, Mr. Kumar Mangalam Birla, the Aditya Birla Group's flagship company is expected to invest Rs. 3,117 crore (US$ 389.99 million) in its existing business in FY23. This investment would go toward upgrading and expanding plant capacity.
"Both paints and B2B E-commerce businesses complement the existing lines of business within the Grasim umbrella. They cater to a large market, offer access to new customer pools, and hold the promise of creating sustained stakeholder value”, said Mr. Birla.
In the paints business, the company's board has already sanctioned a total capex of Rs. 10,000 crore (US$ 1.25 billion), of which Rs. 605 crore (US$ 75.7 million) has been spent as of FY22, said Mr. Birla.
Grasim is also expected to invest Rs. 2,000 crore (US$ 250.23 million) over the next five years into B2B e-commerce platform for the building material sector. A newly hired leadership team from the digital ecosystem will run this platform.
A diversified player with its presence across industries, Grasim Industries is a major VSF manufacturer on a global scale and a major player in the Indian markets for linen, insulators, and chlor-alkali.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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