Global paint major Kansai Nerolac Paints Ltd (KNPL) Monday said it has entered into an agreement with Sri Lanka-based Capital Holdings Maharaja Pvt Ltd (CHMPL), part of the conglomerate Maharaja Group, to float a new joint venture company in the country.
"Maharaja Group was exploring to enter paints. KNPL seeks to take advantage of their strong presence in hardware outlets," the paint company said in a statement to National Stock Exchange.
The Sri Lankan conglomerate has presence in media, hardware, FMCG products and other industries.
The proposed joint-venture is estimated at Sri Lankan Rs.65 crore where KNPL will hold 60 percent of the company estimated at Rs.39 crore.
