US-based IDEX Corporation, has drawn up plans to invest Rs 500 crore in the next three to five year time in its India operations. As part of this plan, the company is setting up a new factory at Sanand, Gujarat for which it has already acquired 17 acres of land.
Talking to ET, Rajesh Prasad, President Emerging Markets at IDEX Corporation said “India is a big market for us and we have grown here at a CAGR of 25 per cent in the last five years. Our India turnover now stands at Rs 500 crore.”
The company has achieved a major milestone with its Vadodara plant manufacturing and shipping 100,000 units of paint dispensers during pandemic to meet the growing demand in the Asian and other global markets. IDEX’s paint dispensers business is handled by Fast & Fluid Management Asia.
The new state of the art unit which will come up in Sanand will produce the highly acclaimed X-Series paint dispensers (Blendorama Series III, X-SMART, X-SMART XL, X-PROTINT, iNSPiRE), entry level shakers and mixers such as GX300 mixer, SK300 shaker in addition to POS tinting software PrismaPro2 and mobile tinting application PrismaRT, said Mr Prasad.
The company has witnessed rapid increase in sales between 2020 and 2021 and it has also expanded its product portfolio to cater to the growing demand. The paint companies in the country are expanding their footprints into tier 3 and tier 4 cities which will further increase the demand for paint tinting equipment. It also exports its products to Asia, North America, Europe, Middle East, Africa and Latin America.
The company manufactures products keeping the local demand trends in mind, said Mr Prasad.
India paints & coatings market was valued at around USD 6500 million in 2019. Decorative paints segment accounted for 75% of the total market valued at US$4780 million and the remaining contributed by industrial coatings. Overall decorative coatings market is expected to grow at around 8-10% in coming years. Growth is mainly attributed to urbanization, increasing construction and infrastructure projects in the country.