Mysuru (Karnataka), Sep 22 (IANS): India's chemicals major Asian Paints Ltd is setting up the world's largest plant near hereat a cost of Rs.2,300 crore, a company official said on Tuesday.

"The plant will have six lakh kilo litre per annum water-based capacity when commissioned in two phases over the next two years," the official told reporters at its foundation-stone laying ceremony in the 175 acre plot at Immavu industrial area in Nanjungud, about 170 km from Bengaluru.

With direct employment to about 900 people and over 4,500 people indirectly, the high-tech plant is estimated to have an annual turnover of Rs.10,250 crore.

"The plant is being designed to operate with zero liquid discharge outside the premises and 33 percent of the factory area will have green belt in compliance with the environment and forests ministry guidelines," the official said.

The Mumbai-based paints company operates in 17 countries, with 23 plants and markets its products in 65 countries the world over.

Laying the foundation for the plant, Karnataka Chief Minister Siddaramaiah told the company to provide more locals, especially its land losers by imparting required skills and training.

"The fact that Asian Paints chose to set up its greenfield plant in our state testifies that we are most-industry friendly in the country," he said.

State Heavy Industries Minister R.V Deshpande said the new industrial policy facilitated ease of doing business by getting clearances online for operations with minimal human interface.