Asian Paints, the largest paint companies in India, witnessed a rise in share price on Wednesday after it has signed a Memorandum of Understanding (MoU) with the Government of Andhra Pradesh to set up a manufacturing facility for paints and intermediates at Pudi Village, Rambilli Mandal, Vishakhapatnam District, Andhra Pradesh.

An amount of approximately Rs 17.50 billion would be invested by the company in phases over a period of 12 years from the date of commencement of construction, including the cost of land admeasuring approximately 110 acres, subject to due diligence and obtaining necessary regulatory and other approvals. The maximum capacity of the said manufacturing facility would be 4,00,000 kiloliters per annum, which would be achieved in phases.

Shares of the company are trading at Rs 816.25, up Rs 7.15, or 0.88% at the Bombay Stock Exchange (BSE) on Wednesday at 9:36 a.m.

The scrip has touched an intra-day high of Rs 819.40 and low of Rs 815.55. The total volume of shares traded at the BSE is 13,763.