You are here: Home » Companies » News
Business Standard

Kansai Nerolac to buy 68% stake in Nepalese paint maker

The investment shall be Rs 7.5 cr

Press Trust of India  |  New Delhi 

Kansai Nerolac Paints today said it is in final stages of buying a majority stake in a Nepal-based paint company at an investment of Rs 7.55 crore.

The company is in the process of finalising a 68% stake in Nepal Shalimar Pvt Ltd (NSPL), Kansai Nerolac Paints Ltd (KNPL) said in a filing to the BSE.

"The investment to be made by Kansai Nerolac towards this proposed acquisition shall be Rs 7.55 crore," it added.

Further, Kansai Nerolac Paints would be giving a loan of around Rs 6 crore to fund the working capital requirement of NSPL, it said.


"With KNPL's entry in the Himalayan state, our consolidated profit would improve and in turn increase EPS which will benefit our shareholders," Kansai Nerolac Managing Director H M Bharuka said.

NSPL had posted a turnover of Rs 12.34 crore for the fiscal ended 2010-11.

Shares of Kansai Nerolac Paints today closed at Rs 870 on the BSE, down 1.66% from its previous close.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, June 20 2012. 19:55 IST
RECOMMENDED FOR YOU
.