OTHER GROUP COMPANIES

In FY23 Grasim assigns Rs3,117 crore Capex for existing business lines

He described the company's "strategic push" into paints and B2B e-commerce as "decisive steps" toward significant development.

August 30, 2022 1:59 IST | India Infoline News Service
Grasim Industries Limited, the flagship company of the Aditya Birla Group, announced that it will spend Rs3,117 crore on its existing operations in FY23. The company will utilize this investment toward capacity expansion and plant modernization.

He described the company's "strategic push" into paints and B2B e-commerce as "decisive steps" toward significant development.

He further added that the board has approved a total Capex of Rs10,000 crore for its paints business, out of which, it has spent Rs605 crore in FY22 so far.

Furthermore, the company has kept aside Rs2,000 crore for its B2B e-com business.

Grasim announced its foray into the B2B e-commerce platform in July this year. The platform is for the building material segment, with an earmarked investment of Rs2,000 crore over a period of the next five years.

A newly recruited leadership team from the digital ecosystem will operate the said platform.

"For FY23, your firm has set aside Rs3,117 crore for the existing lines of business, excluding paints and B2B e-commerce," Birla stated in a letter to the company's shareholders.

Grasim spent Rs1,958 crore on capital expenditure in FY22, according to Birla.

Birla stated that the paint business line is on pace to achieve the schedules for plant commissioning beginning in Q4 of FY24.

At around 2.06 PM, Grasim Industries was trading at Rs1,673.40 per piece, up by 0.54% from its previous closing of Rs1,664.35 on the BSE. The scrip touched intraday high and low of Rs1,692.55 and Rs1,664.35 respectively.

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