Shalimar Paints, a prominent player in the paints industry, has revealed plans to invest a substantial sum of INR 200 crore in the financial years 2023-24 and 2024-25, as announced by Ashok Gupta, the company's Managing Director and CEO. The majority of this investment will be directed towards the modernization of existing plants, aligning them with industry standards.

Gupta emphasized the company's prudent approach to investment, noting that a well-structured plan has been devised within the INR 200 crore budget. Orders have already been placed, and the execution of these modernization initiatives has commenced.

In the current financial year, Shalimar Paints aims to achieve a growth rate of at least 20-25%. Gupta provided context, stating, "Last financial year, our revenue stood at INR 45 crore. We are targeting a growth rate of 20-22% for this financial year." The paints industry has exhibited steady growth over recent years, with the previous year yielding a remarkable performance, witnessing an overall industry growth of around 14-15%. In contrast, Shalimar Paints outperformed, achieving a remarkable growth rate of almost 30-35% during the same period.

Shalimar Paints' investment plans signify their commitment to staying at the forefront of the industry by enhancing and modernizing their existing infrastructure to meet evolving industry standards and cater to the growing demand for quality paints.