This raises the total project cost to Rs 3,250 crore, up from the initially estimated Rs 2,560 crore. The increase is attributed to pre-operative expenses and project cost escalations.

The facility, being developed by Asian Paints (Polymers) (APPPL), a wholly-owned subsidiary, will manufacture vinyl acetate ethylene emulsion (VAE), vinyl acetate monomer (VAM), and include an ethylene storage and handling unit. The cost of the project would be funded through a combination of equity funding by the company in APPPL and external debt financing.

Asian Paints is India's leading paint company and ranked among the top eight decorative coatings companies in the world. Asian Paints is engaged in the business of manufacturing, selling, and distributing paints, coatings, and products related to home décor and bath fittings and providing related services.

The company’s consolidated net profit surged 59.86% to Rs 1,110.48 crore on a 6.47% rise in revenue from operations to Rs 8,521.51 crore in Q3 FY25 over Q2 FY25.

Shares of Asian Paints rose 0.54% to Rs 2,350.40 on the BSE.