Fortune Group Founder Akuri Srinivas Reddy launching Colour Bank
– Hyd company joins paint industry leaders
– To open 250 experience centres by March 2024
– Production to start in 3 new plants by October
– Techno Paints has completed 22 years in business, says Akuri Srinivas Reddy, Founder, Fortune Group
Hyderabad (Telangana) [India], August 29: Techno Paints, which manufactures and sells paints, on Monday said it introduced the latest Colour Banks technology. According to it, only 5-6 companies are using this technology in India. Terming the launch of Colour Banks as a major milestone for the company, Techno Paints said its services now are on par with paint industry leaders.
“With the Colour Banks, as many as 3,000 plus colours can be offered to customers within minutes. Our App has been developed in such a way that Colour Banks can be operated using smartphones,” said Akuri Srinivas Reddy, Founder, Fortune Group, which sells paints under Techno Paints brand. Colour banks services will initially be available at 1,000 of the company’s dealers, he said.
Techno Paints brand has become popular in remote villages also after Telugu film superstar Mahesh Babu was appointed as brand ambassador, and response from dealers for Techno Paints products is good now, he said.
Techno Paints successfully completed 22 years in paints business on August 25, 2023. Already operating in Telangana, Andhra Pradesh, Karnataka and Tamil Nadu States, the company recently entered Madhya Pradesh and Odisha. It has 1,000 dealers now. Reddy said that the dealer network will be expanded to 3,000 by March 2024.
“We will open 250 Experience Centres by March 2024. As many as 25 of these centres are ready for inauguration. Each district headquarter will have one experience centre. Construction chemicals, wood finishes, special finishes, painting tools, tile additives, paints and other products will be displayed in these centres,” Reddy explained.
3 new plants to start in Oct
The company is setting up three new plants with an investment of Rs 100 crore. Two of the plants are coming up at Pashamylaram and Cheriyal near Hyderabad in Telangana, while the third one will be at Nadikudi in Andhra Pradesh.
Production at all three new plants will commence in October this year.
“We are importing state-of-the-art machinery from Germany. With the addition of the new plants, our annual production capacity of solvent based paints will reach 36 lakh litres, that of emulsions will be 120 lakh litres while production of putty will reach 42,000 tonnes,” Fortune Group Founder said. Techno Paints already established 25 depots to deliver the products to the customers quickly, he added.
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