Asian Paints gains on entering into binding term sheet for setting up of joint venture in Fujairah
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Asian Paints is currently trading at Rs. 3156.40, up by 14.85 points or 0.47% from its previous closing of Rs. 3141.55 on the BSE.
The scrip opened at Rs. 3136.30 and has touched a high and low of Rs. 3159.00 and Rs. 3118.20 respectively. So far 6541 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 3590.00 on 28-Sep-2022 and a 52 week low of Rs. 2560.25 on 17-Jun-2022.
Last one week high and low of the scrip stood at Rs. 3256.95 and Rs. 3101.40 respectively. The current market cap of the company is Rs. 301336.78 crore.
The promoters holding in the company stood at 52.62%, while Institutions and Non-Institutions held 26.97% and 20.41% respectively.
Asian Paints has entered into a binding term sheet for the setting up of a joint venture in Fujairah, United Arab Emirates (UAE), with Riddhi Siddhi Crusher & Land Transport (Riddhi Siddhi), Fujairah, UAE, Associated Soap Stone Distributing Company (ASD), India and others. The proposed joint venture would be set up with 60:40 partnership between the Company and the Parties and would carry out the business of manufacturing and exporting white cement and white cement clinker, on such terms as may be mutually decided by the Parties.
The initial capacity of the said manufacturing facility, to be set up in Fujairah, UAE, would be 2,65,000 tons per annum. In addition, clinker grinding units would be set up in India as well. The overall investment would be approximately Rs 550 crore, to be invested over the next 2 years. The cost of the project would be funded through a combination of equity funding by the Company & the Parties and external debt financing.
Asian Paints is engaged in the business of manufacturing, selling and distribution of paints, coatings, products related to home decor, bath fittings and providing of related services. The Company's business segments are Paints and Home Improvement.
