Asian Paints Limited announced that Board of Directors of the Company at their meeting held on 6th January, 2023 have accorded their approval for setting up a new water-based paint manufacturing facility with a capacity of 0.4 million kilolitres per annum at an approximate investment of INR 20,000 million. The manufacturing at the facility is expected to be commissioned in 3 years, after acquisition of land. The Company is exploring the possibility of making this investment and setting up the manufacturing facility in the state of Madhya Pradesh, subject to grant of requisite incentives by the Government of Madhya Pradesh and such other approvals and clearances, as may be required.