Berger Paints India, Nippon Paint Automotive Coatings and Nippon Paint (India) have entered into a non-binding understanding to transfer certain businesses to their joint venture firm BNB Coatings for an undisclosed sum.
"Berger Paints India Ltd and Nippon Paint Automotive Coatings Co (NPAU) together with Nippon Paint (India) Pvt Ltd (NPI) have entered into a non-binding understanding whereby...Three wheeler and four wheeler paint business of Berger may be transferred to BNB Coatings India at agreed values", Berger Paints said in a BSE filing.
Besides, four wheeler paint business of NPI and electro coat business may also be transferred. The understanding is subject to the parties entering into definitive agreements as regards values and other terms and conditions, after due diligence.
BNB Coatings is a 51:49 per cent joint venture between NPAU and Berger Paints respectively.
