Asian Paints enters JV for new white cement plant

Asian Paints is joining forces with Riddhi Siddhi Crusher & Land Transport, based in Fujairah, and Associated Soap Stone Distributing Co Pvt Ltd (ASSD) to set up a white cement and clinker plant in Fujairah, UAE. The joint venture will be a 60:40 partnership between Asian Paints and Riddhi Siddhi & ASSD, according to Coatings World. The initial capacity of the new facility will be 265,000tpa with additional grinding units to be set up in India as well. The JV involves an overall investment of around US$66m over the next two years.

“Asian Paints is excited to enter the white cement space by setting up its own manufacturing facility in partnership with Riddhi Siddhi and ASSD in Fujairah, UAE,” said Amit Syngle, managing director and CEO of Asian Paints Limited. “We have always innovated in our offerings and with this we will enrich our powder products with custom made, value for money white cement, coupled with an uninterrupted supply, to deliver a strong value to our customers. Given the synergy of 70 per cent of the white cement being sold through the paint/hardware/tile retailers, this offers Asian Paints a huge opportunity to market white cement to our extensive network of dealers across the country.”

Riddhi Siddhi holds mining rights for high quality limestone mines in Fujairah, UAE, while ASSD is a trusted supplier of certain raw materials to the paint industry.