Asian Paints will set up a new water-based paint manufacturing facility, and has received a letter allotting 166 acres of land at Pithampur in Madhya Pradesh for this purpose.

The proposal for setting up the plant with a capacity of four lakh klpa annum at an approx. investment of Rs 2,000 crore in Madhya Pradesh is subject to grant of requisite incentives by the state government and such other approvals and clearances, as may be required.

The firm is in the process of executing the necessary agreements with the MP Industrial Development Corporation (MP IDC).

Asian Paints is engaged in the business of manufacturing, selling and distribution of paints, coatings, bath fittings and providing related services.