Calcutta, Aug. 7: The Indian arm of Dutch paint maker Akzo Nobel, which has embarked on its second phase of growth, is targeting a turnover of Rs 6,000 crore through new products, a stronger retail presence and higher manufacturing capacity.
Akzo Nobel NV, which took over the global operations of erstwhile ICI (Imperial Chemical Industries) in 2008, has renamed its Indian subsidiary as Akzo Nobel India. “The first phase of growth started in 2010 after we renamed our company and the objective was to follow a growth strategy through which we can double the turnover from about Rs 1,000 crore at that time,” Amit Jain, managing director of Akzo Nobel India, told The Telegraph.
He said the company reached its target in 2012-13 by posting a turnover of Rs 2,200 crore despite facing challenges. “At that time, ICI was producing half of what we do today and it had not launched products in the previous five years before we bought the firm. But through product innovation, stronger retail presence and augmenting production capacity we achieved our target,” he said.
The company plans to follow the same growth path. “We are introducing products in the coating segment, particularly in the packaging and wood finish business. We are also adding capacity of 50 lakh metric tonnes at Gwalior after having increased our capacity in Hyderabad,” Jain said.