Asian Paints, PPG for another joint venture

Asian Paints and US-based PPG Industries will expand their current 50-50 joint venture – Asian PPG Industries Ltd (APPG) – to establish a second joint venture. PPG is a leading coatings and specialty product maker in the non-decorative segment. Asian Paints said its Board had approved a composite scheme for merger and demerger, under which PPG India, PPG Coatings India (subsidiaries of PPG in India) and AP Coatings (a wholly owned subsidiary of Asian Paints) will merge with APPG. The scheme provides for the demerger of the liquid industrial paints, powder coatings and protective coatings businesses from APPG into the second joint venture. The sanction of the composite scheme is subject to the approval of the Madras High Court and the Bombay High Court, it added.