Kansai Nerolac inks JV pact with Capital Holdings Maharaja

Kansai Nerolac Paints has entered into a joint venture pact with Sri Lanka's Capital Holdings Maharaja Pvt Ltd.
"The company has entered into a joint venture agreement with Capital Holdings Maharaja Pvt Ltd, a group company in the Maharaja Group," Kansai Nerolac Paints (KNP) said in a filing to BSE.
KNP now intends to start a JV by incorporating a company at an estimated total project cost of Sri Lanka rupees 65 crore, it added.
"The equity contribution of KNP in this proposed JV would be 60 per cent amounting to around LKR 39 crore (around Rs 18.4 crore), Kansai Nerolac Paints said.

Maharaja group is a diversified group in Sri Lanka having presence in businesses like media, hardware, FMCG products, among others.
Shares of Kansai Nerolac Paints today closed at Rs 2,265.15 per scrip on BSE, up 1.12 per cent from their previous close.