The Karnataka Cabinet on Friday approved transferring 55.16 acres land to the Karnataka Industries Areas Development Board (KIADB) to be allotted to Asian Paints Ltd.
TB Jayachandra, Law and Parliamentary Affairs Minister, briefing after the State Cabinet meeting, said: “The land identified for the company is in Kochanahalli, Tandavapura, Nanjangud taluk in Mysore district.”
Earlier, the State High Level Clearance Committee (SHLCC) headed by Chief Minister Siddaramaiah had cleared Asian Paints Ltd ₹2,300’-crore proposal to set up 6-lakh-kilolitres-a-day (KLPA) capacity integrated paint and resins/emulsions manufacturing plant with 8 MW of solar power plants.
The company through this investment has promised the Karnataka Government to create employment for 900 persons. Total power consumption is estimated to be 12,000 kva and water usage is to the tune of 0.506 mgd (million gallons a day).
Asian Paints, which is ranked among the top ten decorative coatings companies, has a consolidated turnover of ₹12,714.8 crore. The company along with its subsidiaries have operations in 17 countries across the world with 23 paint manufacturing facilities, servicing consumers in 65 countries through Berger International, SCIB Paints – Egypt, Asian Paints, Apco Coatings and Taubmans.
Fast trackIn the last two years, the Karnataka Government has cleared about 80 investment proposals. Now especially after it lost the mega ₹3,000 crore investment of Hero Motcorp to Andhra Pradesh, it has begun to fast-track clearances.
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