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Kolkata, July 17 ICI is planning to set up a greenfield decorative paints plant with a capacity of over 100 million litres a year.

Mr Rajiv Jain, MD, told this to reporters here after the company’s 54th AGM. He said that a project has been assigned to finalise the investment and site for the project. “This is expected by end of this year so that the new could be in place by the end of 2010”. ICI’s current annual capacity is 120 million .

After a decade of divestments from various chemicals related businesses, ICI is going in for investment in India. Mr Jain said ICI was contemplating another price rise between two and three per cent for emulsion paints in August. During the Q1 of 2008-09 to June 30, sales grew by 16 per cent; net profit by seven per cent over the corresponding period in the previous fiscal.

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