Comments
Berger Paints India Ltd said on Tuesday it and the Nippon group of Japan had agreed to strengthen their 49:51 joint venture for manufacture of coatings for plastic substrates — BNB Coating India Pvt Ltd.
Both have now entered into a “non-binding understanding” to transfer some of their existing automotive paints businesses to the joint venture “at agreed values.” Berger said this in a filing to the stock exchanges.
While Berger would transfer its three- and four-wheeler paints business (passenger cars and sports utility vehicles), Nippon Paints (India) Pvt Ltd would transfer its four-wheeler paints business (other than commercial vehicles, auto parts, and ancillaries) to BNB Coating.
The joint venture, during 2014-15, posted a net profit of Rs 4.46 crore. Effective March 31, 2015, the joint venture has been converted into a private limited company from an unlisted public limited company.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.