Nerolac to pick up 68 % stake in Nepal Shalimar

Kansai Nerolac Paints will pick up 68 per cent stake in Nepal Shalimar Pvt Ltd (NSPL) for Rs 7.55 crore. Mr H. M. Bharuka, Managing Director, Kansai Nerolac, said the company would provide Rs 6.12 crore to NSPL to fund its working capital requirements. Nepal Shalimar commands a market share of eight per cent in the Himalayan nation. Its turnover for 2010-11 was Rs 12.34 crore.