Asian Paints announced that the wholly owned subsidiary of Asian White Cement Holding Limited (AWCHL) has been incorporated in the name of “Asian White Inc. FZE” in Fujairah Free Zone, UAE. “AWCHL has been incorporated in the name of “Asian White Inc. FZE” in Fujairah Free Zone, UAE on 26th June, 2023 for the purpose of carrying out the business of manufacturing, trading and exporting white cement,” it said in a regulatory filing.
The company further stated that the Trade License and Certificate of Incorporation for Asian White Inc. FZE issued by the Government of Fujairah, Fujairah Free Zone Authority, was received by AWCHL on 4th July, 2023.
Earlier in October 2022, Asian Paints had signed a binding term sheet with Riddhi Siddhi Crusher & Land Transport (Riddhi Siddhi), Fujairah, United Arab Emirates and Associated Soap Stone Distributing Company Private Limited (ASD), to form a joint venture. The joint venture was formed to carry out the business of manufacturing and exporting white cement and white cement clinkers by setting up a manufacturing plant in Fujairah, UAE. It was proposed to be a 60:40 partnership between the Company and Riddhi Siddhi & ASD.
The initial capacity of the manufacturing facility in Fujairah, UAE was proposed to be 2,65,000 tons per annum. In addition, clinker grinding units were proposed to be set up in India as well. The overall investment would be approximately Rs 550 crore, to be invested over the next 2 years, the company had informed last year in October.
White Cement is a key raw material in the manufacturing of powder paints and undercoats like putty. In addition, white cement is used in the home construction and repair segment, for various applications like – tile/marble fixing, repair work, etc.