Hyderabad-based Fortune Group is setting up its sixth unit at Cheryal near Patancheru, with an investment of Rs 75 crore. The company is exploring ties with an Italian company for technology know-how. The fully automated plant will have a total annual capacity of two lakh metric tonnes with the first phase creating 1.5 lakh MT capacity while an additional 50,000 MT capacity will be created in the second phase.
The plant will make super premium coatings, high-end luxury emulsions, decorative paints, special texture finishes, luxury and ultra-luxury emulsion and designer finishes. In addition, metal, and wood primers as well as wood finishes will also be made at the upcoming unit.
Akuri Srinivas Reddy, Founder, Fortune Group, said, “The company will meet the project funding through both debt and equity routes. The plant will generate about 150-200 jobs, taking the total employee base to about 400-450 employees. We expect the first phase to be completed by the end of 2021 as the construction is already in progress, and the second phase will be taken up in the next year. We have also placed orders for the machinery. We have four units in Hyderabad and one in Andhra Pradesh. While all the existing units have an individual capacity of 50,000 MT each, the new unit will help us scale up the total capacity. We may also create a retail presence in the near future and are evaluating options. We will remain focused on the domestic market and may focus on Africa later.”
