By: ICN Bureau
Last updated : January 31, 2023 9:26 am
The company has entered into an Agreement to Sell with the purchaser and the sale is subject to completion of procedures and approvals as may be necessary in this regard
The Board of Directors of Kansai Nerolac Paints Limited has approved a proposal for the sale of company’s land parcel at Kavesar, Thane to Shoden Developers Private Limited, a group company of House of Hiranandani group for total consideration of Rs. 655 crore for an area measuring 96,180 square meters.
The company has entered into an Agreement to Sell with the purchaser and the sale is subject to completion of procedures and approvals as may be necessary in this regard.
The Board of Directors of Kansai Nerolac Paints Limited had approved a proposal for monetization of idle land parcels of the company not being put for productive use.
Kansai Nerolac Paints, now in its 103rd year has been at the forefront of paint manufacturing pioneering a wide spectrum of quality paints. Kansai Nerolac is one of the leading paint companies in India and is the leader in Industrial paints, having a net revenue of Rs. 5,948.9 crore (FY 2021-22).
The company has eight strategically located manufacturing units all over India and a strong dealer network across the country. The company manufactures a diversified range of products ranging from decorative paints coatings for homes, offices, hospitals, and hotels to sophisticated industrial coatings for most of the industries.