Grasim, an Aditya Birla group company, has set aside approximately Rs 2,600 crore for capital expenditure (capex) in the Viscose Staple Fibre (VSF) sector for the fiscal year 2022. This comes on top of the company’s previous statement that it will invest Rs 5,000 crore in its paint business over the next three years.
“We are presently in the process of carefully evaluating plant sites for the paint business that are close to consumption centres,” Aditya Birla group chairman Kumar Mangalam Birla said in a letter to the company’s shareholders.
The group is also investing in renewable energy businesses with a portfolio of solar assets across the states. Vilayat will become one of the largest single-location VSF facilities in the world with state-of-the-art technology delivering world-class fibre to Indian spinners. Earlier Birla had also announced a capex of up to $3 billion in the next five years by Hindalco to increase its capacity in India and overseas.
