Hyderabad: City-based Techno Paints which provides painting services and is also into the manufacturing of paints, has on Thursday announced that it is expediting its plans to set up a new manufacturing unit as the utilisation levels in its existing plants reached 100 per cent.

"We will start work on our new plant soon. It will be ready for production by this December," said Akuri Srinivas Reddy, founder of Fortune Group which markets its products under Techno Paints brand, in a statement.

The new plant with an annual capacity of 2.5 lakh metric tonnes will be set up in three acres of land at Sultanpur Industrial Estate near Hyderabad. The company is investing Rs 25 crore on this new plant.

"All five units of our company are running at full capacity. With the new plant, our total capacity will reach 3.3 lakh tonnes," he said.

The company has drawn up plans to set up two more plants with 5 lakh tonne additional capacity in other States by 2025. It plans to go for IPO in five years time.

High growth in December..

Srinivas Reddy said demand company's products exceeded expectations due to high quality that Techno Paint offers. Painting services being offered by the company are driving overall growth and enabling it to compete with industry majors, he added.

According to him, Techno Paints is among the top companies that provide painting services for Hyderabad real estate segment. In December quarter, Techno Paints clocked 48.72 per cent growth in revenues against 6.55% to 25.24% growth achieved by multinational companies. It expanded operations to all cities across India and completed 650 projects so far. The company has 200 projects in hand and is going to achieve the top line target for 2022-23 a year in advance.