Asian Paints has leased over 1,20,000 sq ft of office space in the Lower Parel business district of Mumbai.
The new commercial office space is expected to be utilised as the centre for its new business vertical of home furnishing. The company has leased the space for a total tenure of nine years including a lock-in period of five years.
The agreement involves a clause to raise rentals 15 percent after initial three years and five percent every year after that.
The company announced Rs 2,100 crore of phased investment to set up a new plant to produce vinyl acetate ethylene emulsion (VAE) and vinyl acetate monomer (VAM) in the country.
The company announced another Rs 550 crore of investment to set up a white cement plant in the UAE in partnership with two local firms there.