HMG Paints to invest in Indian joint venture

HMG Paints, the family-owned paints and coatings firm based in Collyhurst/UK, has announced that it will invest in its joint venture to boost capacity. "At present, the company has a production capacity of 100,000 litres per month," said Titan HMG Paints’ managing director, Ravi Sam. "We shall be investing GBP 1.6 million (GBP 1 = EUR 1.14) in the next two years, to increase capacity three times by 2012. Our sales target is to touch GBP 13.4 million over the next five years." Formed last year, Titan HMG Paints India is a joint venture between HMG Paints and, Titan Paints & Chemicals, which is owned by Indian firm LMW Group. The business is based in Coimbatore/India and produces a range of industrial coatings, for protecting plant, machinery and other structures from abrasion, corrosion, weathering and chemical attack.