Building materials business expected to log significant growth: Birla

Aditya Birla Group Chairman Kumar Mangalam Birla on Tuesday said the conglomerate's building materials business is expected to see significant growth over the next several years with cement and decorative paints poised to be a key segment on the back of housing and infrastructure boom in India.

Moreover, the outlook of the Indian economy remains "positive" supported by strengthening of macroeconomic fundamentals, a robust financial and corporate sector, and a resilient external sector.

The government's continued thrust on capex while pursuing fiscal consolidation, and consumer and business optimism augur well for investment and consumption demand, he said.

Birla was addressing the AGM of the group's holding firm Grasim, which controls the group's flagship firms including UltraTech, Aditya Birla Finance and other investments in textiles, chemicals and paints.

Grasim has invested Rs 50,000 crore in capex over the past five years, of which 77 per cent is dedicated to growth initiative