Maestria Paints, an Europe-based paint company, is looking to foray into the Indian market. The company will make an investment of around Rs 40 crore which will be increased to Rs 200 crore in future.
The company has continuously innovated on the composition of paints, and soon developed the first Alkyd paints (glycerophtalic paints) in the world.
It will set up its Indian headquarters in Hyderabad. The facility will create about 150 direct jobs in the initial phase and employ 500 people in the operational phase at a later stage.
The state-of-the-art factory will have an installed capacity of 20,000 tpa , which can be scaled up to 40,000 tpa using the same facility.
This will be the first French paint company to set up its business in India.