To enter paints market in Srilanka
Kansai Nerolac Paints announced that the Company has entered into a Joint Venture Agreement with Capital Holdings Maharaja, a group Company in the Maharaja Group. Owing to Srilanka's progressive economy, Kansai Nerolac Paints (KNP) has shown significant interest in its neighboring country. Maharaja group is a diversified group in Srilanka having presence in businesses like Media, hardware, FMCG products, etc. Maharaja group was exploring to enter paints. KNP seeks to take advantage of their strong presence in hardware outlets.KNP now intends to start a JV by incorporating a Company. The total project cost is estimated to be 65 crore SLR. The equity contribution of KNP in this proposed JV would be 60% amounting to around 39 crore SLR (Rs 18.4 crore).
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