By: ICN Bureau
Last updated : March 06, 2023 8:46 am
Nerofix Private Limited will become a wholly owned (100%) subsidiary of Kansai Nerolac Paints Limited
Kansai Nerolac Paints Limited (KNPL) has informed that the Board of Directors has approved acquisition of shares (40% of the total shareholding) of Nerofix from Polygel for Rs. 37 crores.
Consequent to the said acquisition of shares, Nerofix Private Limited will become a wholly owned (100%) subsidiary of Kansai Nerolac Paints Limited.
Nerofix Private Limited, a company incorporated in India, had a net revenue of Rs. 110.42 crore for the financial year ended 31st March, 2022. The company focuses on construction chemicals, adhesives, and sealants.
The acquisition will provide benefits of synergy and growth to KNPL. Consequent to the acquisition of 40% of shareholding of Nerofix from Polygel, Nerofix will become a wholly owned subsidiary of KNPL. The acquisition is expected to be completed by 31st March, 2023.
Nerofix was established as a joint venture between Polygel Industries Private Limited and Kansai Nerolac Paints Limited.