Paints and coatings firm Akzo Nobel India will open a new manufacturing unit near Gwalior in the next two months.
The company, which has around 30 per cent market share in the country, would invest Rs 100 crore to set up the unit, Akzo Nobel India Managing Director Amit Jain told reporters here today.
Asked whether the new facility was aimed to boost exports, he said that it was to cater to the domestic market demand.
Stating that the company has five plants in the country, Jain said the paints and coatings business was also impacted due to the global slowdown.
“The demand has plummeted to single digit (7/8 per cent) due to the slowdown compared to 14-15 per cent before,” he said.
Jain, however, expressed confidence that the company had taken a lot of measures and emphasised on innovation to face the challenge.