Asian Paints JV company to acquire ICI India's auto refinish business

Asian Paints Ltd has announced that PPG Industries Inc., USA has signed a definitive agreement with ICI (India) Ltd as a result of which a portion of ICI India's auto refinish business comprising of its advanced refinish range (2K) will be acquired by Asian PPG Industries Ltd for a consideration of approximately Rs 52 crores, subject to certain agreed adjustments.

Asian PPG Industries Ltd is a 50:50 joint venture between the Company and PPG Industries Inc., USA. The 2K business of ICI India will be acquired as a going concern over the next few weeks. It has about 60 employees and it had registered a sales revenue of around Rs 50 crores for the financial year ended March 31, 2006.

Source : Equity Bulls

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