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Japan's
Paint
Holdings
announced that it will build a new production plant in India in 2017 to upgrade its existing plant, four times its current
automotive paint
production capacity in India, with the goal of grabbing 30 percent of the market share.
plans to invest about 4 billion yen ($34.7 million) in the project, which will increase the company's automotive paint production capacity in the South Asian country to 25,000 tons per year.
new plant in the southern Indian city of Hindpur is scheduled to be completed and operational by the end of 2017 and will mainly produce
water-based coatings for rust
. The new capacity will provide Tata Motors, an Indian car maker, with a geographical advantage, as well as services to Toyota's India plant.
comes after Libang Coatings increased production capacity at its plant in the northern Indian city of Delhi, near the Maruti Suzuki Automotive India plant, india's top carmaker, and demand for
automotive coatings
is expected to continue to grow rapidly.
east Asian market accounts for nearly
60%
sales of Libang Coatings Company. In India, annual sales of new cars are expected to reach 5.5 million units by 2020, but even after merging with Berger Coatings India in 2016, Libang Coatings has less than 10 percent of the country's automotive coatings market share, compared with nearly 50 percent for its Japanese counterpart Kansai Coatings. As a result, Libang Coatings is continuing to invest to achieve its goal of eventually locking in a 30% market share.